New World Bank report says Mongolia implemented three
positive pro-business reforms for the second year in a row

A new World Bank Group report released October 29, 2013, finds that Mongolia implemented three positive business reforms between June 2012 and June 2013, making it easier to start a business, deal with construction permits, and access electricity. The report also found that 15 of 25 economies in East Asia and the Pacific made at least one regulatory reform to improve the ease of doing business.

Over the past year, Mongolia eliminated the requirements to get company statutes and charters notarized and to register a new company with the local tax office, thereby making starting a business easier. The GoM also abolished a rule requiring companies to submit building plans for lower-risk construction projects to the state for technical review. The third reform involved increasing operational efficiency while lowering the costs of getting electricity access.

"For the second year in a row, Mongolia has implemented three positive business reforms, which demonstrates the country's commitment toward improving its business environment, particularly for smaller businesses, "said IFC's Resident Representative in Mongolia Tuyen Nguyen.

According to the report, Singapore continues to offer the world's most business-friendly regulatory environment for local entrepreneurs, followed by Hong Kong SAR, New Zealand, USA, Denmark, Malaysia, the Republic of Korea, Georgia, Norway, and the United Kingdom.

Click here to download the full World Bank report in PDF