PHNOM PENH, Oct. 28 (Xinhua) -- The World Bank said Wednesday that Cambodia has continued to improve its business environment over the past year. Among 189 economies, it is now ranked at 127.

In its 'Doing Business 2016' report released here, the World Bank said Cambodia is ranked 127 among 189 economies in 2015, compared with 133 in 2014.

"The country was one of two economies worldwide that recorded a reform to improve electricity reliability," the lender said in its press statement. "The country has also improved the time it takes to start a business and in reducing the number of procedures needed."

The statement said in the future, the Southeast Asian country will have the opportunity to improve its business environment further--in particular by abolishing the minimum capital requirement to start a new business.

"Cambodia has made solid progress in promoting a better business environment," Alassane Sow, World Bank Country Manager for Cambodia, said in a press conference.

"These improvements will help Cambodia to achieve its goal of enhancing business investment and job creation," he said.

According to the report, Singapore is rated No. 1 in the world on the World Bank's annual ease of doing business measurement, followed by New Zealand, Denmark, South Korea and China's Hong Kong.