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"Peru is the Number One Country in South America for Doing Business."

 

Peru is the number one country in South America for doing business according to the 2011 Doing Business Ranking.  Peru has become the number one country in South America for doing business after seeing significant improvement in its position in the Doing Business 2011 worldwide ranking.  It jumped from number 46 (according to figures recently updated by the multilateral organization from number 56 as was announced in last year's ranking) to number 36 this year, reported the World Bank today.
 
Thus, largely fulfilling the objective proposed last year, the country has become one of the most attractive economies for business and investment according to the yearly measurements that have been completed since 2003 by the World Finance Corporation, the financial arm of the World Bank. It is worth remembering that in the middle of July 2009, the Ministry of Economy and Finance (MEF) launched the Business Climate Improvement Plan to increase competitiveness in the country and the objective is to move to number 25 in the Doing Business 2012 edition which will be revealed in September 2011.  The then Minister of Economy and Finance, Luis Carranza, indicated that this plan, which corresponds to the July 2009-2011 period, contains a set of reforms in areas where Peru has to keep improving in order to attract more investment and foster business development so the country has the best business climate in Latin America and one of the best in the world.
 
Business climate is a set of conditions that facilitate business and Doing Business is the indicator that measures business climate world-wide based on ten areas. This ranking is compiled in order to measure the ease and opportunity of doing business in 183 world economies The ranking measures indicators for the entire life cycle of a business from its creation and the time it obtains permits to its management (paying taxes, obtaining credit, importing/exporting, buying property) to its eventual liquidation.
 
According to Doing Business 2011, presented by the Ministry of Economy and Finance, Ismael Benavides, Peru is the leading country in South America and the second leading country in Latin America (after Mexico) as far as attracting investment as it facilitates training and corporate growth. Second place in South America, according to the Doing Business 2011 Ranking, is occupied by Colombia (number 39) and third place by Chile (number 43), whereas the last place in the region is Venezuela (number 172).
 
Moreover, improvements have been made to obtain Operating Permits. As a result of the use of the Online Business Constitution Platform, the country has improved in all indicators in the Opening up a business area by reducing the number of procedures from nine to six, the number of days from 41 to 27 and the cost by 10.9 percent. After the National Superintendence of Public Records (Sunarp) implemented the 48 Hour Property Sale Registration Service in the Property Registration Area, the number of days dropped from 14 to seven. Finally, the number of days need to obtain a Building Permit has gone down from 205 to 188 with the elimination of two procedures. The MEF, through the National Competitiveness Board, coordinates with the public and private sectors the implementation of policies aimed at the country’s competitiveness.  These include the rules of that game that create the business climate in which business is done.
 
Source: The World Bank Group

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