Ukraine is second-fastest in improving its Doing Business ranking

"Ukraine has climbed 41 spots in the Doing Business ranking since 2014. We are the second-fastest country in improving its ranking since 2009. We have already achieved annual business savings of over UAH 1 billion owing to deregulation," the press service of the Economic Development and Trade Ministry of Ukraine reports on Facebook.

As the ministry notes, over the past three years, the Cabinet of Ministers of Ukraine has held eight meetings on deregulation, at which about 1,300 obsolete acts, which exerted unnecessary pressure on entrepreneurs, were canceled.

The cumulative effect of the deregulation efforts in 2018 was the simplification of doing business for about 100,000 retail trade entities, about 1,000 companies and more than 10,000 self-employed individuals dealing with repairs of household goods, 6,300 companies carrying out engineering and search works, more than 6,700 construction companies.

The Economic Development Ministry believes that the support of the Verkhovna Rada is necessary for further progress in the ranking, especially with regard to adoption of the bill No. 8124, which will allow getting into the top 50 of the Doing Business ranking, and the bill No. 4650 on de-communization, which removes the Soviet legacy from the legislation.

As reported, Ukraine has improved its ranking in the World Bank Doing Business 2019, climbing from 76th to 71st spot among 190 countries.

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