Cyprus has been ranked 64th out of 189 countries in the World Bank’s 2015 Doing Business Report, presented Friday by the Cyprus Investment Promotion Agency (CIPA). The annual Doing Business report measures the regulations that enhance business activity and those that constrain it. CIPA said the results stress the need for strategic reforms, simplifying procedures and reducing red tape, to improve business climate. The Agency said that although Cyprus in absolute figures recorded a marginal improvement, the rapid adoption of modern practices and procedures by other economies put the country to a lower position on the table. Out of the ten quantitative indicators the Report presents, Cyprus witnessed progress in three, maintained its position in one and underperformed in six. Protecting minority investors is the area where Cyprus holds an “enviable” position, ranking 14th, CIPA chairman, Christodoulos Angastiniotis said at the press conference. Cyprus ranked poorly in “getting electricity” (160th), “dealing with construction permits” (148th), “enforcing contracts” (113th) and “registering property” (112th). Rankings for other areas are as follows: “Trading across borders” 34th, “paying taxes” 50th, “resolving insolvency” 51th, “getting credit” 61th, “starting a business” 64th. Cyprus` 64th position places the island 26th among the EU member states, ahead of Malta and Croatia. “We have no other choice but to move on to strategic reforms and improvements to create a friendlier business environment and to enter a growth path. We need simplification of procedures, transparency and speed. Cutting red tape and conditions that keep foreign investors away is a one way road” CIPA Chairman noted. He noted that the absence of a one-stop-shop, which would facilitate businesses to fulfill their obligations towards the state, not only keeps our country behind other economies, but also widens the gap year after year.