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Korea retains 8th place in World Bank biz environment list

Korea retains 8th place in World Bank biz environment list

Posted October. 24, 2012 01:05,   


Korea has retained its eighth-place ranking in the World Bank`s business environment survey of 185 countries this year. The index judges the ease of companies doing business based on regulations, procedures, time and costs from establishment to closure. Korea, also ranked eighth last year, has remained in the rankings` top 10 list for the second consecutive year.

According to the World Bank`s Doing Business 2013 report released on Tuesday, Korea trailed just Singapore, Hong Kong, New Zealand, the U.S., Denmark, Norway and the U.K. in the rankings and ranked higher than Taiwan (16th), Japan (24th), and China (91st).

Among the 10 assessment categories, Korea ranked third in "electricity connection," which measures time and costs needed for supplying power to offices and plants, and third in "international trade," which reviews customs procedures for export and import. In the "legal disputes" category that measures how the rights between creditor and debtor are protected, Korea was second.

Launched in 2005, the Doing Business report evaluates government regulations, administrative procedures, taxes and contributions that companies experience from foundation and expansion to operation and closure. After placing 30th in 2007, Korea shot up to 19th in 2009 and 16th in 2010 before entering the top 10 last year.