The Republic of Moldova has made progress in the setting up of business, according to the 2017 annual study on ‘The Cost of Doing Business in Moldova’, conducted by the World Bank Group.
According to the data, Moldova occupies the 44th position out of 190 countries across a range of business indicators, the same position as in 2016, but with an increase in its overall score, from 72.8 to 73 out of a maximum 100. It ranks 23rd for starting a business, up from a score of 91.96 to 93.76.
The presentation of the study was attended by the State Secretary of the Ministry of Economy and Infrastructure, Iulia Costin, and the Country Director of the World Bank for Moldova, Anna Akhalkatsi.
"Ensuring optimal conditions for business development and increasing business confidence towards state institutions is one of the priorities on the government's agenda. During 2017, the executive promoted a series of reforms focused on improving the business environment, creating attractive conditions for business development in the Republic of Moldova," underlined the Secretary General of the Ministry of Economy and Infrastructure.
Among the achievements of 2017, Iulia Costin mentioned the 70 per cent reduction in the number of permissive acts (from 416 to 150), the optimization of the number of institutions with control functions (down from 60 to 13), the implementation of an electronic one-stop shop, simplifying the financial and statistical reporting process by implementing a single electronic reporting desk, simplifying the voluntary business liquidation procedure, etc.
"Economic growth in the Republic of Moldova must be based on job creation in the private sector, and small and medium enterprises have a crucial role in the economy. Study results show that authorities need to focus their efforts to further improve the business environment by focusing on the most important areas. The World Bank Group finances this study through the PAC-2 project, while supporting the development of small and medium-sized businesses and other projects aimed at improving the business environment," said Anna Akhalkatsi, Country Director for Moldova at the World Bank.
According to the study, the Republic of Moldova scores 93.76 points out of 100 for starting a business. Entrepreneurs have to carry out four procedures in five days. The cost of doing business remained largely unchanged in 2017, some indicators showing a slight increase, while others a small decrease.