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Russia should boost business climate to keep its spot in Doing Business ranking - minister

Russia’s Economic Development Minister Maxim Oreshkin said that the top priority for the Russian government in the near future is to ensure predictability and stability in government regulation of economy
Russia’s Economic Development Minister Maxim Oreshkin Sergei Savostaynov/TASS
Russia’s Economic Development Minister Maxim Oreshkin
© Sergei Savostaynov/TASS

MOSCOW, October 24. /TASS/. Russia needs to actively improve its business climate in order to keep its position in Doing Business ranking, Russia’s Economic Development Minister Maxim Oreshkin has said.

"China has advanced from the 46th to the 31st position and is really squeezing us out. That’s why in order to just retain our position, we need to move forward very actively," Oreshkin said commenting on Doing Business-2020 ranking.

Russia has climbed three notches from last year to the 28th spot in Doing Business-2020 ranking, the World Bank said on Thursday. Last year, Russia held the 31st position in the ranking of 190 countries.

The top priority for the Russian government in the near future is to ensure predictability and stability in government regulation of economy, Oreshkin told reporters. "Doing Business ranking does not evaluate stability of regulation. Frequent change of conditions and low predictability is what mostly concerns investors now. So, we have dealt with procedures and now we need to achieve stability in regulation - this is a key task of the government in the near future," Oreshkin said.

Oreshkin recalled that this ranking shows whether it is easy to do business in a country from viewpoint of administrative procedures such as tax payment, obtaining permission for construction and connecting to power grids. Over the past three years, Russia has climbed 12 notches, showing the best result among BRICS countries (Brazil, Russia, India, China and South Africa) and outperforming many European countries.

"Such countries as France and the Netherlands are behind us, we are between Austria and Japan. But certainly rivalry is increasing and there is serious rivalry here," he emphasized.