In the latest Doing Business rating compiled by the World Bank, Latvia has been put on the 22nd place. This is an improvement over Latvia’s position in this rating in 2014. Authors of the list mention Latvia as one of the TOP 30 leaders that have carried out important reforms to improve business environment in the past several years.
Latvia’s score proves that realized reforms are the right road to take in order to raise the competitiveness of the country’s national economy in a long-term perspective. At the same time, it proves that investors turn their gaze toward Latvia more and more often and see it as an attractive place for investments and business, comments Latvian Economy Ministry.
In the World Bank’s Doing Business rating, the ease of doing business in Latvia has improved y 0.55 percentage points from 77.51% to 78.06%.
The World Bank welcomed Latvia’s progress with reforms. This is especially true because 2015 marked the coming into force of the Credit Bureau Law, the goal of which is to promote reasonable borrowing and lending. Latvia’s efforts to introduce alternative mechanisms for resoling arguments were also noticed by experts: the recently adopted Law on Courts of Arbitration provides guidelines for effective and fair resolution of legal disputes. In terms of employment, the World Bank welcomed amendments to the Labour Law, which extend maximum job contract terms from 36 moths to 60 months.
Latvia has received praise not only from international experts but from its own businessmen as well. In a recent survey, Latvian entrepreneurs have mentioned that they no longer spend 37% of their time resolving administrative procedures. According to results of the survey, businessmen now spend a mere 13% of their time.
In order to make sure Latvia reaches at least 20th place in the Doing Business rating in the next two years, Economy Ministry believes the following reforms should be made a priority: allow start-up businessmen to receive Enterprise Register’s services online; introduce tax payment accounting methods based on the principle of savings and introduce the use of electronic documents and their circulation among court institutions. It is also no less important to ensure full functionality of the Construction Information System and provide more state e-services to residents.
Content owner: Baltic News Network
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