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Russia still aims to enter Top-20 of Doing Business rating in coming years, says minister

According to the most recent rating, Russia currently takes the 31st position

MOSCOW, October 31. /TASS/. Russia still has the goal to enter the Top-20 of the Doing Business rating in the coming years, Economic Development Minister Maxim Oreshkin told reporters.

According to him it is very likely that Russia will manage to achieve this goal.

Earlier on Wednesday it was reported that Russia has moved up to the 31st position in the Doing Business-2019 rating, which is annually published the World Bank Group.

"In Doing Business we will continue to move up, so I think that the task for the coming years, which is entering Top 20 is something we should work on. And we have already made a good start for it. However, we need to take a broader look at the investment climate, and not only from the point of view of administrative procedures," Oreshkin said. He added that the ministry was instructed to ensure the achievement of the goal (entering Top-20 of Doing Business rating) until 2024.

This year, the World Bank took into account four new reforms that were carried out in Russia: in the area of building permits, connection to the electricity grid, international trade and taxation.

Oreshkin noted that the World Bank did not take into account all the reforms that were carried out in Russia.

"There are a large number of reforms that we did in 2017-2018, which have not yet been taken into account by the World Bank. It takes time before these reforms are to be taken into account," the minister noted.

According to the Economic Development Ministry, if all reforms are taken into account, Russia could be on the 18th position in the rating.

"We have our own internal calculations. We understand where we would be if all the reforms, which, in our opinion, were objectively carried out," the minister said.

In his May 2012 decrees President Vladimir Putin set the goal for Russia to achieve the 20th position in the Doing Business rating by 2018. In 2012, Russia was on the 120th place in that rating.

The Doing Business rankings are determined by sorting the aggregate scores on 10 topics such as: starting business, dealing with construction permits, getting electricity, registering property, getting credit, protecting minority investors, paying taxes, trading across borders, enforcing contracts, resolving insolvency.

This year, Russia managed to enter the Top 100 on all 10 topics: Russia ranked 32nd in starting business, 48th in dealing with construction permits, 12th in getting electricity, 12th in registering property, the 22nd in getting credit, the 57th in protecting minority investors, the 53rd in paying taxes, the 99th in trading across borders, the 18th in enforcing contracts and the 55th in resolving insolvency.