WASHINGTON – Colombia continues to be the best nation for doing business in Latin America, followed by Peru, Mexico and Chile, according to a World Bank report titled, “Doing Business 2015: Going Beyond Efficiency.”
In the annual report released Tuesday, the World Bank underlined the measures adopted in the region to remove obstacles to business activity and strengthen the legal systems.
Colombia, which ranks 34 among 189 countries worldwide, has implemented the most number of reforms in the region, adding up to 29 measures since 2005.
It is followed by Peru (ranked 35), Mexico (39), Chile (41) and Panama (52), all of which have registered improvements in their indices of business openness with respect to last year.
“Some Latin American economies have been improving their business environment for almost a decade, reaching levels in many cases on par with global best practices,” Director of Global Indicators Group of the World Bank Augusto Lopez-Claros said in a teleconference at the presentation of the report.
“Accelerating and expanding this process would help close the gap with global top performers and boost competitiveness,” he added.
He cited the example of Peru where a decade ago it would take over 33 days for a business to register a property transfer, while now it can be done in just six and a half days, less than even the United States where 15 days are required.
Similarly, in Colombia, the import of key goods from abroad would take 48 days a decade ago, while now it only takes 15 days.
On the other hand, the most difficult countries for business enterprises in Latin America are Nicaragua (119), Brazil (123), Argentina (124), Bolivia (157) and Venezuela (182).
“Doing Business,” first released in 2002, focuses on regulations applicable to local small and medium-sized businesses in about a dozen areas.