Improvement of Azerbaijan's rating in Doing Business 2016 - success of reforms

Baku, Azerbaijan, Oct. 29

By Anvar Mammadov - Trend:

Improvement of Azerbaijan's positions in the annual ranking of "Doing Business 2016" of the World Bank (WB) and the International Finance Corporation (IFC) is the result of systematic reforms held in the country, Deputy Minister of Economy and Industry of Azerbaijan Sahil Babayev told reporters Oct.29.

"The fact that Azerbaijan has advanced in the rating by as much as 17 positions and entered the top 26 countries with the largest number of reforms held is a clear indicator of the success of reforms undertaken in the country, liberalization of the economy and improvement of the business environment," he said.

These indicators are assessment of reforms held in Azerbaijan by international agencies, the deputy minister said.

"I would also like to note that the World Economic Forum has made Azerbaijan into the top 40 countries with the most competitive economy," said Babayev. "In accordance with this index, Azerbaijan has long been ranked first among the CIS countries. In addition, the fact that such international rating agencies as Fitch, Moody's, Standard and Poor's give investment rating to Azerbaijan, also demonstrates the high level of business environment in the country."

Azerbaijan took the 63^rd place. At the same time, Azerbaijan was among the ten countries with the best conditions to start a business. Azerbaijan took the seventh place with 97.75 points, whereas last year it took the 11^th place.

Rating of Azerbaijan was formed of the following indicators:

Dealing with Construction Permits - 114^th place (against 138^th last year)

Getting Electricity - 110^th place (against 104^th)

Registering Property - 22^nd (21^st)

Getting Credit - 109^th (105^th)

Protecting Minority Investors - 36^th (54^th)

Paying Taxes - 34^th (33^rd)

Trading Across Borders - 94^th (93^rd)

Enforcing Contracts - 40^th (40^th)

Resolving Insolvency - 84^th (85^th)

The report "Doing Business 2016" is being compiled for already the 13^th time and covers 189 countries. It examines regulations norms that favor or impede the development of business during the whole cycle of their activities, including the creation of the enterprise, doing business, the implementation of foreign trade, payment of taxes, as well as the level of investor rights' protection.