Cyprus ranks 40th in DoingBusinessReport 2012

Cyprus ranked 40th worldwide in the World Bank’s annual report entitled “DoingBusinessReport 2012”.

The results of the report were presented on Tuesday during an event organized in Nicosia by the Cyprus Investment Promotion Agency (CIPA).

Addressing the event, CIPA President Christodoulos Agkastiniotis said that the Agency advises the government on reform issues aiming to improve the investment environment,.

According to press release issued here today by CIPA, Agkastiniotis also assured that the Agency is willing to help stakeholders in promoting reforms within its own sphere of competence.

The World Bank's Doing Business Report measures the ease of doing business in 183 countries, ranking them in 10 areas of business regulation, to determine how conducive they are to starting and operating a local firm in each country.

The 2012 report ranked Cyprus 40th among 183 countries worldwide compared to 49th last year and 16th among the EU countries compared to 15th last year.

Established with a Council of Ministers decision in 2007, the Cyprus Investment Promotion Agency is a registered not-for-profit company limited by guarantee and fully funded by the Government of Cyprus.

The Board of 15 Directors (12 from the private sector, 2 from the public sector and 1 from the Central Bank of Cyprus) was appointed for second time in November 2011 for a 4-year term.