Colombia has strengthened its international position as a country to do business in, the World Bank’s Doing Business report says.
Of 138 countries, Colombia climbed from 49th place last year to the 37th spot in the latest report.
The improved business climate is due to a number of reforms implemented by the government.
“Colombia has made efforts to simplify the processes to access credit, protect investment, pay taxes and to seek permission for construction, among others,” Sylvia Wolf, director of Doing Business, told newspaper El Espectador.
According to the World Bank official, the government still needs to improve the delays in judicial proceses for businesses.
Wolf praised Colombia for being able to implement a record number of reforms, despite a global economic crisis.
The Colombian government is pleased with the results. Javier Duarte, deputy Minister of Business Development said the results are the product of a cooperation between the government and the private sector to improve the business climate. Trade Minister Luis Guillermo Plata said Colombia hopes to reach the 30th place in next year’s report.