Armenia’s advancement in World Bank’s 2013 Doing Business report may boost the country’s authority in international arena, Ameriabank's Development Director said.

As Tigran Jrbashyan noted, Armenia’s jump was quite “predictable”, as it reflected the reforms implemented in the country.

“The indicator proves the feasibility of the reforms in the country. However, their continuation and impacts depend on a number of factors,” he said.

Dubbing the index the best in the whole history of Doing Business, Mr. Jrbashyan urged to correctly use it to attract foreign investment flows to the country.

Armenia has improved its position by 18 points to be placed 32nd in World Bank’s 2013 Doing Business report.

Meanwhile, as Tech in Asia reported, Singapore remains on top for the seventh straight year according to the ‘ease of doing business’ rankings. Hong Kong and New Zealand also retained their second and third rankings respectively, as did the US in fourth place.

Drilling down to notable APAC markets to compare with last year's rankings, Taiwan jumped from 25th to 16th, credited with big improvements by a number of criteria, including ‘protecting investors.’ Japan, on the other hand, was downgraded in many areas, including ‘starting a business.’