bnn.lv Latviski   bnn-news.com English   bnn-news.ru По-русски
Wednesday 24.01.2018 | Name days: Krišs, Eglons, Ksenija
LatviaLatvia

Latvia climbs one position in Doing Business rating

FaceBook
Twitter
Draugiem
print
(No Ratings Yet)

Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUIn 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.

Ref: 102.109.109.3830


Leave a reply

airBaltic CEO does not consider lost investors a failure

Although no investor was found for Latvian national airBaltic airline in the past two years, it should not be considered a failure, said airBaltic CEO Martin Gauss in an interview to Rīta Panorāma programme of LTV.

Coca-Cola Company announced new global vision – World Without Waste

Coca-Cola Company has announced a goal to work on collecting and recycling an equivalent of every sold bottle or can by 2030, as BNN was informed by the company.

Estonians see Narva's potential in culture, push for eastern border-city to become European Capital of Culture

The Estonian border city of Narva, located near the Russian border, closer to St Petersburg than Tallinn, has introduced its candidacy to become the 2024 European Capital of Culture, with Estonian President Kersti Kaljulaid evaluating that the city is not a depressing place.

Riga Freeport wants to borrow up to EUR 77 million to finance Krievu Island project

Riga Freeport authority has announced an open procedure for talks regarding a loan of up to EUR 77 million to finance the development of Krievu Island and continue relocation of port activities from the city centre to the island.

Dienas Bizness: Tallinn port sells coal terminal’s assets; Latvia should consider handling other cargoes

Tallinn port [state-owned company Tallinna Sadam] has announced a sale of assets owned by Mūgas coal terminal. The company responsible for managing the territory – Coal Terminal – went bankrupt. Now the port searches for a new partner, port’s representative Sirle Arro told Dienas Bizness (DB) journalist Egons Mudulis.

Estonia to start buying land for Rail Baltica railway construction

Continuing its way to beginning the construction of the pan-Baltic Rail Baltica slated for 2020, the management of Rail Baltic Estonia, has unveiled that this year will be spent on negotiations with land owners and the marking-out of the railway.

Despite EU investigation Ikea management believes it covers its fair tax share

Commenting on the tax investigation opened by European Union officials into a part of the Swedish furniture retail giant Ikea, the group's head Jesper Brodin has explained that the company covers its fair share of tax in countries, where it operates.

EU funds worth one billion euros were provided to Latvia last year

The total worth of contracts signed with European Union funds was more than EUR 1 billion last year. Thanks to financing provided by EU funds, Latvia was able to commence and realize 526 projects, allowing this money to stimulate the country’s economy, according to information from the Central Finance and Contracting Agency (CFCA).

5 000 people displaced by Turkish incursion in Syria, estimates UN

UN has estimated that around 5 000 people have fled north-western Syria, where Turkish and their allied Syrian forces are battling Kurdish militia.

Minister: foreigners find Latvia’s business environment more and more attractive

«Measures were performed last year to improve the business environment and make it more attractive for local and foreign investors, as well as significantly ease everyday work for them,» said Latvian Economy Minister Arvils Ašeradens.

Number of students in Latvia declined 35% in the past decade

The number of students accounted for 81.6 thousand in the academic year 2017/2018, indicating a decline of 1.6 % over the year. During the past decade, due to the population decline, the number of students has reduced by 43.8 thousand or 35 %.

National Alliance member: small countries cannot afford legal and corruption scandals

«Every resident living in a democratic country finds it difficult to follow political processes and what political interests each party has. More often than not the loudest and more expressive politicians do not have any wisdom to share or a state development plan to offer and fit Latvia’s interests. If the time comes when we conclude that we do not like a newly-elected Saeima...

Italy's leading party drops euro referendum plan

The anti-establishment 5-Star Movement, leading opinion polls ahead of a March 4 election, has presented a 20-point program which makes no mention of a referendum on Italy’s membership of the euro zone.

Latvia shares experience in civil rights reforms with Uzbekistan

Uzbekistan is one of Latvia’s priority countries for development of cooperation. Considering Uzbekistan’s launched reforms for state administration, Latvia is ready to continue offering support and sharing experience, says Foreign Ministry’s special assignment ambassador Igors Apokins.

Estonian state rail cargo company worked with million-euro losses in 2017

Estonian state-owned rail cargo carrier EVR Cargo concluded the year 2017 with net losses of 1.2 million euros, but managed to earn a million euros in from October to December 2017.

Alcohol industry to adopt social responsibility symbols on labels

More than 60% of all labels of wine and other strong alcoholic beverages purchasable in Latvia will be added with a special social responsibility symbols, reminding residents of responsible consumption of alcohol, BNN was informed by Latvian Alcohol Industry Association (LAIA).

ManaBalss.lv initiative «On saving Agenskalns market» submitted to Riga City Council

An initiative started by Anda Baidekalna «On saving Agenskalns market» has been submitted to Riga City Council for review. More than 2,000 people signed in favour of this initiative on ManaBalss.lv portal. Now Riga City Council will have to decide on approval of this initiative and develop a plan for development of Agenskalns market to preserve its functionality.

Estonian construction price rise influenced most by higher labour costs

Estonian construction price index grew by 1.5% in 2017 aligned with the average of 2016, Estonian statisticians calculated.

Latvian Economy Ministry proposes self-regulatory measures for postal sector

The problem with postal items lacking addresses can be resolved using self-regulatory measures in the postal industry, as mentioned in Economy Ministry’s prepared report on new measures and proposal for mechanisms to help make the work performed by the postal sector more efficient.

Venice tourists stunned over 1 100-euro restaurant bill

The leadership of the picturesque Italian town of Venice has pledged to ensure justice after four Japanese tourists complained of having been handed a 1,100-euro bill for steaks, water, service and a plate of fried fish.

Ratification of Istanbul Convention falls through in Latvia

Unity is the only one of the coalition parties in Latvia that has expressed support for the ratification of Istanbul Convention so far, politicians say.

Spain sees Puigdemont's trip to Denmark as provoking his own arrest

A judge of the Spanish Supreme Court has blamed Catalonia's former President Carles Puigdemont of seeking to provoke his own arrest by visiting Denmark from his country of exile, Belgium, as the politician faces charges carrying a possible prison sentence of up to 30 years.

Latvenergo: Latvia is the largest energy exporter in Baltic States

Latvia continues exporting electrical energy produced in the country – as of Monday, 22 January, it was 832 MW. Especially intensive energy production is recorded for Daugava’s hydro-electric power plants and Riga’s CHP plants. The largest import volume is registered for Lithuania, to which the amount of exported energy equals the amount consumed in Latvia, Latvenergo explains.

LALRG secretary general: we have to reduce gap in quality of life for EU citizens

Ever since Latvia joined the European Union, its population has declined 14%. The most significant decline was caused by the departure of residents of working age to other EU member states. Because of that, the population in eastern regions of Latvia has declined 23%.

Czechs up for close race in this week's presidential run-off

As the Czech Republic nears the second round of its presidential election this weekend, sociologists estimate that the pro-Western academic Jiří Drahoš enjoys a somewhat larger support than the incumbent Miloš Zeman, who easily won the first round.

Would you be ready to boycott something in your life?

View Results

Loading ... Loading ...

Polls Archive



Category feed: Feed: