Ulaanbatar, October 23, 2012—A new report from IFC and the World Bank finds that Mongolia is the top improver for the year for ease of doing business in East Asia and the Pacific Region and among the global 10 reformers in improving business regulations. Singapore tops the global ranking on the ease of doing business for the seventh consecutive year, while Hong Kong SAR, China, holds onto the second spot.
Released today, Doing Business 2013: Smarter Regulations for Small and Medium-Size Enterprises finds that 23 economies in East Asia and the Pacific have made their regulatory environment more business-friendly since 2005.
The Doing Business 2013 report, which covers the period from June 2011 to June 2012 and which uses data for indicators that measure regulation affecting 10 key areas of the life cycle of local businesses, finds that Mongolia eliminated the minimum capital requirement for establishing a local limited liability company, guaranteed the right of borrowers to inspect their own credit data, and enacted new legislation to strengthen disclosure requirements for related-party transactions.
"This year, Mongolia joined the global list of top 10 improvers for ease of doing business in the report,” said Augusto Lopez-Claros, Director, Global Indicators and Analysis, World Bank Group. “Mongolia implemented reforms that cut regulatory hurdles and make it easier for local firms to do business.”
Under its Mongolia Advisory Services Program, the World Bank Group has worked closely with the Mongolian government to support the reforms on the Company Laws, Food Safety Law, and business inspections.
"The World Bank Group is committed to supporting Mongolia in continuing to improve the investment climate and maintaining stability, that are important to the country’s the next stage of growth,” said IFC’s Director for East Asia and the Pacific Sérgio Pimenta. “We do so through providing financing and advice to the government and businesses with the goal to generate jobs, create opportunities, and build shared prosperity.”
Going forward, the World Bank Group and Mongolia will deepen the partnership through a number of new programs including streamlining permits and licenses to make the business environment more transparent, efficient, and friendly to small and medium enterprises.
About the Doing Business report series
Doing Business analyzes regulations that apply to an economy’s businesses during their life cycle, including start-up and operations, trading across borders, paying taxes, and protecting investors. The aggregate ease of doing business rankings are based on 10 indicators and cover 185 economies. Doing Business does not measure all aspects of the business environment that matter to firms and investors. For example, it does not measure the quality of fiscal management, other aspects of macroeconomic stability, the level of skills in the labor force, or the resilience of financial systems. Its findings have stimulated policy debates worldwide and enabled a growing body of research on how firm-level regulation relates to economic outcomes across economies. This year’s report marks the 10th edition of the global Doing Business report series. For more information about the Doing Business report series, please visit www.doingbusiness.org. Join us on Facebook.
About the World Bank Group
The World Bank Group is one of the world’s largest sources of funding and knowledge for developing countries. It comprises five closely associated institutions: the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA), which together form the World Bank; the International Finance Corporation (IFC); the Multilateral Investment Guarantee Agency (MIGA); and the International Centre for Settlement of Investment Disputes (ICSID). Each institution plays a distinct role in the mission to fight poverty and improve living standards for people in the developing world. For more information, please visit www.worldbank.org, www.miga.org, and www.ifc.org.