Armenia Improves Positions in Doing Business 2017 Report

• 10.26.2016, 22:28
•  Armenia

In the World Bank report "Doing Business 2017, Equal Opportunity for All" Armenia has moved up by 5 ranks taking the 38th place in the list of 190 countries.

Armenia has facilitated business making in two spheres indicated in the report: access to credit and enforcing contracts.

In particular, Armenia strengthened access to credit, adopting new law on transaction security, which established a modern and unified collateral registry, and improved its credit information system by adopting a new law on personal data protection.

Armenia also made enforcing contracts easier by introducing a consolidated chapter regulating voluntary mediation and by establishing financial incentives for the parties to attempt mediation.

Armenia improved its “distance to frontier score” (DTF) score by 1.47 points, moving up to 73.63% from last year’s 72.16%.

DTF shows each economy’s distance to frontier score for regulatory efficiency, which has been included in the report since 2005 as the best score for all indicators of the economies reviewed in the report.

"In the course of the past 25 years we have implemented cardinal reforms that improved Armenia’s performance in the international rankings,’’ the President of RA, Serzh Sargsyan announced, adding "Today Armenia stands out for excellent investment opportunities due to its liberal business culture, favorable business environment and an unswerving commitment to the ongoing reforms."

Sargsyan also added that our geographic location and political and economic arrangements with partner nations enable Armenia’s easy access and trade with markets of more than 300 million consumers, where many Armenian goods and services have already established brand value.

The new government, in turn, has wide powers to push forward the process of legal and institutional reforms, to make Armenia's investment environment more attractive to local and foreign investors.

On this occasion the newly appointed Prime Minister Karen Karapetyan noted that the government will assume the role of promoter of the business environment, create an investment fund to participate in joint projects with business in particular.

"We need to improve the business environment. Our team will always stand by business’ side and help to solve all possible problems," said Karapetyan.