Mongolia is one of top 10 reformers
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 Sйrgio 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.
Comments
Post a Comment