Colombia is the best country in Latin America for doing business, the World Bank said Wednesday in its annual Doing Business report.
Globally, Colombia ranked 34 on a list of 198 economies, nine places higher than last year’s ranking.
The country outperformed Latin American American countries Chile and Peru that least year ranked higher.
The World Bank praised the country’s improvements in legislation to regulates taxes, credit and property registration.
Latin America Doing Business index
Particularly a 2013 law that allowed companies to use other property than real estate as collateral for loans was one of the reasons the country rose in the ranking, claimed Finance Minister Mauricio Cardenas.
“Companies can now use machinery, equipment, inventory or labor capital as guarantee for credit and do not only depend on real estate property,” said the minister in a press release celebrating the World Bank’s recognition.
The world’s leading economies for doing business are Singapore, New Zealand and Hong Kong.
- 2015 Doing Business Report (World Bank)