Acting  Minister of Economic Development and Investments of Armenia  and representatives of the World Bank discussed issues related to  improving the business environment. 

ArmInfo.And about. On November 9, Minister of Economic Development and Investments of Armenia Tigran Khachatryan received a delegation led by World Bank Program Manager (WB) Genevieve Boehui. The parties discussed issues related to  improving the business and investment environment.

According to the press service of the Ministry of Economic  Development and Investments, the Acting The Minister presented the  approaches of the Armenian government around improving the  competitive environment in Armenia. Khachatryan touched upon the  development of a draft law aimed at promoting public-private  partnerships, as well as protecting foreign investments.

The interlocutors discussed the possibility of improving the  positions of Armenia in the World Bank's Doing Business ranking. In  this context, the. The Head of the Ministry of Economic Development  noted the importance of eradicating corruption in the country and  stimulating investment in Armenia.  Tigran Khachatryan and the WB  team discussed the upcoming tax reforms, in particular the reduction  of the income tax rate.

Among the 190 countries covered in the World Bank (WB) Doing Business  ranking - 2019, Armenia rose from 47th place to 41st, improving its  position by 6 levels. The head of the WB Yerevan office Sylvie  Bosutro said this at a press conference on October 31. Thus, a  positive result was registered, in particular, due to the improvement  in positions on the Doing Business <Creation of Enterprises> rating  indicator, as well as on the <Power supply system> indicator,  occupying the 17th position. According to the indicator Protecting  Minority Shareholders, Armenia improved its results by taking 51  positions, adjusting the ownership structure and oversight mechanisms  and demanding higher corporate transparency. <Armenia was able to  advance on the "Taxation" indicator, establishing such administrative  measures as a result of which the processes of paying VAT, profit tax  and income tax were simplified. As a result of measures initiated by  the government, the e-government system of tax authorities has  improved. And the last fifth indicator, which contributed to the  improvement of the country's position in the Doing Business rating,  concerns enforcement of contracts, according to which Armenia took  the 24th place. Indicators for obtaining a building permit in which  Armenia occupies the 98th position require improvement, according to  the terms of access to loans, the country took the 44th position and  the 95th insolvency resolution (bankruptcy procedure).

Note that the Group of World Bank analysts (World Bank) annually in  190 countries around the world conducts research on favorable  business conditions. The analysis is performed on 10 indicators. The  analysis is presented in a report, which is usually published in the  fall in the oldest English-language economic scientific journal (QJE  published since 1886).