Syria moved up two ranks in the Doing Business 2012 report issued by the World Bank, rising from rank 136 to 134 from 183, raking 14th among 19 Arab countries.
The report shows that Syria improved in two categories: starting a business with an increase of 4 ranks, and enforcing contracts with an increase of 1 rank, while several categories showed a decrease including getting credit (decrease by 4 ranks), paying taxes (decrease by 5 ranks) and resolving insolvency (decrease by 2 ranks).
According to director of the National Competitiveness Observatory team Rami Zaatari, the report gauges the governmental procedures regulating the business sector and calculates a country's rank based on ten categories: starting a business, dealing with construction permits, getting electricity, registering property, getting credit, protecting investors, paying taxes, trading across borders, enforcing contracts, and resolving insolvency.
Zaatari underlined the various reforms that helped improve Syria's ranking such as decreasing the minimum capital for starting commercial activity, reducing procedures and time needed to carry out contracts, lowering overall tax, and more.
He explained that the decrease in some categories is due to the stability of their sub-indicators as other countries went further in simplifying procedures.
Zaatari noted that investors take this report into consideration when making investment decisions, adding that Syria's improved rank will help attract investors and shows that Syria is moving forward in facilitating business practices.
The World Bank has been issuing the Doing Business report since 2003, showcasing the governmental procedures regulating business transactions and protecting property rights in 183 countries.
For further information on Syria's ranking in the Doing Business 2012 report, visit www.doingbusiness.org/data/exploreeconomies/syria/