aA
Lithuania has risen three notches from last year to reach its highest-ever 11th position in the World Bank's latest ranking of 190 economies on the ease of doing business.
Lithuania climbs to its highest-ever 11th place in World Bank's rankings
© Shuterstock

Economy and Innovation Minister Virginijus Sinkevicius expects Lithuania to make it to the top ten list next year.

"The Law on Insolvency of Legal Entities, which is not included in this year's report, but has been already adopted and will take effect early next year, (...) will significantly improve Lithuania's score," he said in a press release on Thursday.

The law puts in place more flexible and shorter bankruptcy procedures, in line with the needs of modern business, according to the minister.

In the Doing Business 2020 report, Lithuania outperformed both Estonia and Latvia, in 18th and 19th places, respectively, and is the fourth-highest placed EU member state after Denmark, the United Kingdom and Sweden, the Economy and Innovation Ministry said.

The government's program sets the goal of reaching the top ten list in next year's Doing Business report.

New Zealand and Singapore held onto their first and second-place spots in this year's ranking, but Hong Kong moved into third position, pushing Denmark to fourth.

BNS
It is prohibited to copy and republish the text of this publication without a written permission from UAB „BNS“.

Lithuanian scientists create new breakthrough technology

Panevėžys Mechatronics Center (PMC) announced about the creation of a new breakthrough technology...

Bad news for travel lovers from Wizzair

Hungarian airline Wizz Air will no longer fly from Vilnius to Reykjavik and Athens as of late...

Expert: internet names registered for personal use remains high

The Internet Service Centre DOMREG at Kaunas University of Technology (KTU) – the registry of...

Belarus offered alternative amid supply row with Russia

A crude shipment from Norway for Belarus is expected to arrive in the port of Klaipeda this week...

Coming soon: Tesla supercharger in Kaunas (1)

It seems that Tesla hopes more its cars in Lithuania.

Top news

MPs initiating impeachment proceedings against Rozova

Members of the Lithuanian parliament's Committee on National Security and Defense (CNSD) are...

New rector of Vilnius University elected

Rimvydas Petrauskas , dean of Vilnius University 's Faculty of History, has been elected its rector...

Bad news for travel lovers from Wizzair

Hungarian airline Wizz Air will no longer fly from Vilnius to Reykjavik and Athens as of late...

Lithuanian scientists create new breakthrough technology

Panevėžys Mechatronics Center (PMC) announced about the creation of a new breakthrough technology...

President to skip Holocaust forum in Israel

Lithuanian President Gitanas Nauseda has decided not to go to a major Holocaust commutation event in...