South Korea ranked eighth in terms of business environment this year partly thanks to its efforts to streamline regulations related to protecting investor rights and imposing taxes, the finance ministry said Tuesday.

The ranking by the World Bank was unchanged from the previous year and marked the second consecutive year South Korea was listed on the global top 10 list, according to the ministry.

The Washington-based lender analyzed 185 countries' business environments by breaking them down into 10 broad categories involving the so-called business life cycle from start until closure.

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Source: Yonhap News (Oct. 23, 2012)