November 05 / 2010
Lithuania Climbed Three Positions in “Doing Business” List
Lithuania, by improving its business conditions, jumped up three positions and is currently placed 23rd out of 183 countries in the World Bank “Doing Business” 2011 report.
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The World Bank recorded that, over recent years, Lithuania implemented the largest number reforms – 5 in total – for improvement of business conditions if compared to all other countries in the list. There has been very substantial progress in the area of starting a business, as Lithuania advanced by 12 spots to the 87th place from its previously held 99th.
An increase in speed of business company registration (from 6 to 3 days) and other simplified registration procedures have been instrumental in producing these results.
In terms of individual categories, the World Bank has also made positive assessment of Lithuanian efforts to improve tax administration, transparency in credit instruments and conditions, facilitation of foreign trade conditions by computerising customs clearance procedures and administration of bankruptcy procedures. Also, Lithuania has been mentioned among the fastest countries to respond to economic crisis and reform their insolvency regulations.
“The World Bank evaluation brings forth a more optimistic mood and inspires us to proceed with our efforts to improve business conditions, raise a country’s competitiveness and attractiveness to foreign investors. Results are positive, but incomplete, so I would like to prompt other public authorities to take do their homework more seriously, since only total effort can help us meet the set goal to join the list of 15 countries with most favourable business conditions”, Lithuanian Minister of Economy Dainius Kreivys said. “To this end, I think cooperation among World Bank partners in Lithuania, providing market information for “Doing Business” report, could have been more vigorous.“
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