Lanka moves up in global ranking on 'doing business':
Most business reforms in S Asia from SL - IFC & World Bank
*Strengthened investor protections
*Better environment for entrepreneurs
Sri Lanka has implemented the most reforms of any of the eight
economies in South Asia, helping to create a better environment for
entrepreneurs, states a new report published yesterday by the
International Finance Corporation (IFC) and the World Bank.
The report, Doing Business 2012: Doing Business in a More Transparent
World, has moved Sri Lanka up to 89 in the global ranking on doing
business.
"Sri Lanka has risen in the global ranking, partly by strengthening
investor protections and reducing taxes on business.
It has adopted a conscious strategy to move up in rankings," the
report adds.
To move up in the rankings, a state has to constantly reform and make
it easier for citizens to engage in economic activities ahead of other
countries who are giving their citizens more freedoms to fulfill their
aspirations and create value. The report assesses regulations affecting
domestic firms in 183 economies and ranks the economies in 10 areas of
business regulation, such as starting a business, resolving insolvency
and trading across borders. This year, the ease of doing business
ranking has expanded to include indicators on getting electricity.
"South Asian economies have an opportunity to increase access to
information for entrepreneurs," said Sylvia Solf, lead author of the
report.
"One route is new technology, which is increasingly used by
governments to provide electronic services for filing taxes or
registering businesses," Solf said.
Over the past six years, all eight economies in South Asia have made
their regulatory environment more business-friendly. "Entrepreneurs in
developing economies have a vital role in creating economic
opportunities," said Augusto Lopez-Claros, Director, Global Indicators
and Analysis, World Bank Group. "South Asia's governments have empowered
entrepreneurs by implementing regulations that are efficient,
accessible, and sustainable, and they should continue to seek avenues
for improvement," he further said. |