Tajikistan has been named one of the top 10 countries that has done the most in the past year to improve the ease of doing business, an annual World Bank report says.
Tajikistan improved in three of ten areas that the World Bank monitors. It was credited for making starting a business, getting credit, and trading across borders easer, said the World Bank's Doing Business 2020 report, published on October 23.
Tajikistan is now in the 106th spot among 190 economies in 10 areas of business activities.
The other nine countries where economies improved the most were Pakistan, China, India, Saudi Arabia, Jordan, Togo, Bahrain, Kuwait, and Nigeria.
Doing Business acknowledges the 10 economies that improved the most on the ease of doing business after implementing regulatory reforms.
According to the report, these economies implemented a total of 59 regulatory reforms in 2018/19—accounting for one-fifth of all the reforms recorded worldwide. Their efforts reportedly focused primarily on the areas of starting a business, dealing with construction permits, and trading across borders.
The report says the motivation for reform in Tajikistan, Nigeria, and Togo was in part the developmental achievements of their neighbors. After observing an economic transformation in neighboring Uzbekistan, Tajikistan’s president reportedly took a special interest in improving the country’s ranking on the ease of doing business.
Tajikistan made starting a business easier by registering companies for a Social Identification Number at the time of incorporation.
Tajikistan reportedly strengthened access to credit by launching a unified, modern, and notice-based collateral registry; introducing a functional secured transactions system; broadening the scope of assets that can be used as collateral; allowing the general description of debts and obligations; granting secured creditors absolute priority; and providing a time limit and clear grounds for relief from automatic stays during reorganization procedures.
According to the report, Tajikistan made exporting faster by prioritizing customs clearance of perishable goods exports.
New Zealand tops the global ranking, with Singapore and Hong Kong right behind, with South Korea in fifth place, and the United States sixth.
