Corporates welcome WEF ranking update

Indunil Hewage

The World Economic Forum has upgraded Sri Lanka in its global competitiveness ranking from 79th to 62nd place among 139 nations for 2010-2011. One of the leading corporate personalities in the country said with eradication of the terrorism in the country, Sri Lanka has been highlighted for many positive aspects by respected sources. The most problematic factors for doing business in Sri Lanka that has been highlighted in the report the first two issues are tax regulations and tax rates.

It is happy to note that a committee has been set up and the recommendation will be in place for the country to implement in the future ,which means that already the country is poised to be within the top 50 countries of the world when it comes to world competitiveness. “The country needs to correct four issues that the country has been highlighted for. They are the issue of access to finance, corruption, inefficiencies of the bureaucracy and restrictive labour policies,” he said.