According to the Ministry of Strategy and Finance on October 29, Korea was ranked seventh out of 189 nations in the world in the World Bank's Doing Business report, being listed within the top-ten rank for three consecutive years. Korea has climbed steadily from 30th in 2007, 16th in 2010, 8th in 2011, and again 8th last year.

 

A ministry official said the main reason for Korea's advancement has to do with an improvement in eight indicators such as the time required to start a business and the cost to get a construction permit. "Based on the latest evaluation results, we at the ministry will try to enhance the regulatory regime including real estate property registration. Even without regard to the World Bank scorecard, we will keep working to improve the environment for businesses," the official added.