Macedonia's ranking on the 10. spot in global terms and 5. in Europe at the latest World Bank's Doing Business report is a historic result, validating the Government's commitment and efforts, and an incentive for the country to resume with the reforms in creating favorable business environment, said Vice Premier for Economic Affairs Vladimir Pesevski on Wednesday.

Pesevski told a press conference that Macedonia has posted continual growth in the World Bank report, advancing by 84 places since 2007.

"This continual growth comes as a result of hard and coordinated work, with over 30 systematic reforms implemented towards facilitating the operations of companies, enormous cuts in administrative procedures and time required for certain procedures", stressed Pesevski.

According to him, the latest ranking would contribute to even greater promotion of the country in global terms.

"Doing Business is a renowned global economic report that has enormous influence on global multinational companies. The business environment we created provides an opportunity for attraction of new companies to invest in the country, open jobs, manufacture products and increase exports, thus raising the people's standard and the country's economic growth", stressed Pesevski.

Finance Minister Kiril Minoski said doing business procedures have been significantly facilitated, simplified and reduced in all segments, accompanied by cuts in time and costs.

"As a result of continual reforms and efforts for permanent improvements, procedures are faster and cheaper in Macedonia compared to a decade ago, or compared to countries in Europe, central Asia and OECD", said Minoski.

Doing Business measures regulations affecting 11 areas of the life of a business. Ten of these areas are included in this year’s ranking on the ease of doing business: starting a business, dealing with construction permits, getting electricity, registering property, getting credit, protecting minority investors, paying taxes, trading across borders, enforcing contracts and resolving insolvency. Doing Business also measures labor market regulation, which is not included in this year’s ranking.