Kazakhstan, Astana, Oct. 21 / Trend , A.Maratov /
Kazakhstan has improved its position in the Doing Business ranking as it moved by 11 positions to 47th in 2011 for 'Ease of doing business' , the 'Doing Business - 2012 In a more transparent world' , sponsored by the World Bank (WB) and the International Finance Corporation (IFC).
'In the Doing Business-2011', Kazakhstan ranked the 58th. Now, the country leaves behind China (91st), Turkey (71st ), Poland (62nd ), Russia (120th ), Belarus (69th ) and Kyrgyzstan (77th)," the Kazakh Economic Development and Trade Ministry reported.
Kazakhstan has been ranked 34th in the 'Protecting investors' section, which is contributed to and by changes and additions to the country's legislative acts on mortgage lending and consumer protection, financial services and investment.
Kazakhstan has strengthened investor protection by modifying requirements relating to the approval of transactions between interested parties and simplifying the process of filing a claim in the case of defective transactions between interested parties.
Each year, the World Bank assesses the state of the business climate in 183 countries on 11 indicators rating under the prefix of Doing.
Doing Business basically implies the elimination of redundant requirements of national legislation and does not require substantial financial investment in reform. Singapore, as well as other countries of the top five namely Hong Kong, New Zealand, USA and Denmark, held the top positions.