Moving 12 positions in just one year, Oman went from the 55th in 2013 to the 43rd best country out of the worlds’ Best Countries for Doing Business in 2014. The survey is conducted each year by Bloomberg, evaluating six broad criteria which are indicative of a country’s friendliness to business including the degree of economic integration, the cost of setting up a business, the cost of labor and materials, the cost of moving goods, the readiness of the local consumer base and less-tangible costs.

Hong Kong kept its place at the top of the list receiving a score of 83.4 out of a possible 100. In second and third places were Canada and the United States, respectively. Oman shared the 43rd spot with Russia with a score of 61.6 points.

Oman improved its overall score this year through bettering “the cost of moving goods,” which includes exports and import efficiencies, transportation improvements, logistics performance, liner shipping connectivity, and the quality of port infrastructure.

“The environment for doing business in Oman ranks favorably at the international level. Oman has positively improved its position and is continuing to improve further. The climb in global rankings should be encouraging to do more in the areas that require more attention,” said Dr. Fabio Scacciavillani, chief economist at the Oman Investment Fund.

Scacciavillani added that Oman’s free-zones have helped to create a more business-friendly environment. Improvements in airports, roads, ports, and logistics infrastructure will continue to help Oman to improve its ranking among the world’s most business friendly countries.

“Oman’s other major strengths for doing business are easy taxation, low inflation and safety and security,” added Dr. Scacciavillani.