Russia has been placed in the 43rd place of “Best Countries for Business 2014,” annual ranking list, which Bloomberg news agency has been compiling since 2011, Russian Prime Minister Dmitry Medvedev said on Wednesday.

“We went up in Bloomberg’s ranking list of the best countries for business,” Medvedev told a meeting with members of the government’s expert committee, comparing the rise with Russia’s 56th position in last year’s ranking list.

The prime minister added that the current “[Russia’s] ranking place is not a very outstanding achievement, but nevertheless we made it to the 43rd place out of 100 possible.”

In its comments to the new ranking list, Bloomberg said that BRIC countries (Brazil, Russia, India and China) “mostly improved their standing this year,” except for China which dropped “from the 19th position in the ranking’s first year to a rank of 28 this year.”

This year’s ranking list is topped for the second time in a row by Hong Kong, which, according to Bloomberg “tops the list, thanks in part to the low cost of starting a business there.