Colombia ranked 42nd out of 183 countries in the World Bank’s “Doing Business” 2012 report, an improvement of five places on its position in the 2011 report.
World Bank’s “Doing Business” in a More Transparent World, written in association with the International Finance Corporation, ranked the world’s economies in 10 aspects of regulation affecting domestic firms, such as “Dealing Construction Permits” and “Getting Credit.”
The highest-scoring category for Colombia in the was “Protecting Investors,” in which it placed 5th.
The report stated that Colombia has made “Resolving Insolvency” easier by “amending regulations governing insolvency proceedings to simplify the proceedings and reduce their time and cost.” In this category Colombia was ranked 12th.
Colombia has also reduced the paperwork needed by firms in order to pay taxes by “establishing mandatory electronic ?ling and payment for some of the major taxes.”
In addition Colombia has facilitated “Starting a Business” by “no longer requiring upfront payment of the commercial license fee.”
However, Colombia scored poorly on “Enforcing Contracts,” placing 149th, and “Getting Electricity,” in which it ranks 134th.
Jean Michel of the International Finance Corporation said Colombia is on par with Chile and Peru in terms of economic development and reforms to protect foreign investment in the country, reported Caracol Radio.
Singapore nabbed the top spot for the sixth year in a row.