The Russian regulations for the business sector have improved, simplifying and speeding up the process of doing business in the country, World Bank Manager Rita Ramalho told Sputnik on the sidelines of Doing Business with the BRICS event in Washington, DC.
WASHINGTON (Sputnik) — At present, Russia ranks 51 among some 190 countries on the ease of doing business, according to the World Bank.
There [in Russia] was an improvement…There was an effort to simplify business regulations over the past two years, and we do see that reflected in the data, so the process [of doing business] started to be faster,” Ramalho stated on Monday.
The Word Bank manager added that paying taxes in Russia has also become simpler and faster based on the data received by the organization. Ramalho also noted that the improvements could also facilitate job growth in the country.
With a vast landmass, extensive natural resources, more than 142 million consumers, and acute infrastructure needs, Russia remains a promising market for U.S. exporters.
Russia is the world’s 8th largest economy by nominal gross domestic product (GDP) and the 6th largest by purchasing power parity (PPP), as cited by the International Monetary Fund. According to the World Bank, 2014 GPP per capita GDP was $13,210, the highest of the BRICS countries (Brazil, Russia, India, China, and South Africa). Russia is a high-income country, with a highly educated and trained workforce and sophisticated, discerning consumers.
In alphabetical order:
- Agricultural Equipment
- Aviation Equipment
- Broadcast Equipment
- Building and Construction Equipment
- Cosmetics and Perfumery
- Electrical Power Generation and Transmission Equipment
- Forestry and Woodworking Equipment
- Hydropower Generation Equipment
- Machine Tools and Metal Working Equipment
- Medical Equipment
- Mining Equipment
- Refinery Equipment
- Safety and Security Equipment