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Azerbaijan ranks 70 in Forbes Best Countries for Business list

21 December 2018 17:13 (UTC+04:00)
Azerbaijan ranks 70 in Forbes Best Countries for Business list

By Narmina Mammadocva

Today the level of business development is very high in Azerbaijan. More business opportunities are constantly emerging in the country. A lot of work has been recently done aimed at raising the Azerbaijani non-oil sector to a new level. The successful results of the work carried out are proved by the fact that Azerbaijan occupies the 70th place according to the American business magazine Forbes..

Azerbaijan ranked 70 among 161 countries in Forbes' Best Countries for Business list.

The United Kingdom ranks first in the ranking for the second year in a row. It is followed by Sweden, Hong Kong, the Netherlands, New Zealand, Canada, Denmark, Singapore, Australia and Switzerland.

As for the CIS countries, Georgia is 44th, Russia - 55th, Kazakhstan - 65th, Armenia 87th, Belarus - 88th, Uzbekistan 105th, Tajikistan - 124th, Kyrgyzstan - 108th place.

The magazine evaluates 161 countries on 15 criteria: ownership, innovation, taxation, technology, level of corruption, freedom (personal, commercial and financial), bureaucracy and investor protection. All categories are equal in importance.

The assessment uses published reports from the World Bank, Aon and Marsh & McLennan, the World Economic Forum, the United Nations and other organizations.

The government of Azerbaijan has already taken a series of measures to develop activity of small and medium-sized businesses. The Agency for Development of Small and Medium Enterprises was established to support entrepreneurship and improve the business sphere in Azerbaijan.

This year, Azerbaijan has also significantly improved its position in the World Bank Group's Doing Business rating.

According to Doing Business 2019, Azerbaijan has entered the list of countries with the most noticeable improvement in the economy and ranked 25th among 190 countries. In Doing Business - 2018 Azerbaijan occupied the 57th place.

Doing Business authors said that Azerbaijan has carried out a record number of reforms aimed at simplifying doing business in 2017-2018 among 10 economies that have shown significant improvement.

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