Econ Ministry to prepare measures in Feb to improve Russia’s Doing Business rating

MOSCOW. Jan 11 (Interfax) – The Economic Development Ministry plans to prepare a list of measures in February to further improve Russia’s Doing Business rating.

“The need to further improve the business climate has been spoken of. Here standard work for moving further ahead is underway. Russia made a very big step in the Doing Business rating, for instance, over the past five years. This is now the best country among the BRICS countries,” Economic Development Minister Maxim Oreshkin said during a meeting that the president held with members of the government.

“In February we will come out with comprehensive additional measures that we must approve this year, in order to maintain forward progress in improving the business climate,” he said.

Oreshkin said issues concerning the economic situation in Russia were also discussed at the meeting. “Fundamentally there is definite positive news here: the economy is entering 2017 more confidently, in a state of economic growth. Growth in positive business sentiment has also been noted,” he said.

The business confidence index is currently located at the level of 2011-2012, its highest level in the last five-six years, he said.

“This good impetus for economic dynamics is already reflected in various indicators, including the higher pace of growth in industrial output compared with that we saw at the middle of last year. Rail freight loading is already increasing and electricity consumption, even controlling for the cold weather, is on the rise,” he said.

Oreshkin emphasized the importance of continuing efforts to reduce uncertainty in the future economic situation for business, which is what the government will focus on in 2017.