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In the annual World Bank Group Doing Business 2014 report released on Tuesday, Russia gained 20 points – from 112 to 92nd place – coming in third among the top 10 countries that “liberalised” their economies in 2013.
Singapore came in first place in the ranking of 189 countries.
The report cited Russia’s main achievements in five major market indicators, including ease of establishing a business, ease of applying for construction projects, registration of projects and property, improving international trade, and ease of applying for connection to the national power grid.
“Russia made trading across borders easier by implementing an electronic system for submitting export and import documents and by reducing the number of physical inspections,” the report said.
The report went on to reveal that when it came to the power grid, Russia was able to reduce connection times by 40 per cent, with connection costs reduced by some 80 per cent.
Russia also improved ease of dealing with tax restrictions; however, it remained the same or fell slightly behind in getting credit, enforcing contracts or protecting investors.
In 2012, Russian President Vladimir Putin authorised his cabinet to quickly move on improving business conditions in the country with a target goal of reaching a World Bank ranking of 50th in two years and 20th by 2018.