Lanka improves ease of doing business parameters

Indunil HEWAGE

The prevailing peaceful atmosphere, ongoing infrastructure development initiatives coupled with the favourable social security status has contributed immensely to push Sri Lanka’s position on the ease of Doing Business Ranking upto 89 out of 183 countries in 2012.

Economic Development Minister Basil Rajapaksa participated as the chief guest at the seminar on “Progress made in improving Sri Lanka’s doing business ranking 2010 and for formulating future strategies” held at the John Exter International Conference Hall of the Central Bank yesterday. According to the Doing Business Ranking computed by the World Bank Group, Sri Lanka is ranked 89 of 183 countries in 2012. This is a tangible improvement compared to the ranking achieved in 2011, which was 98. Central Bank Governor Ajith Nivard Cabraal, Secretary to the Prime Minister S Amarasekera, government officials and Central Bank officials also participated. Picture by Chaminda Hittetiya

Addressing the seminar on “Progress made in improving Sri Lanka Doing Business ranking for 2012 and for formulating future Sri Lanka strategies,” Economic Development Minister Basil Rajapaksa said Sri Lanka needs to further create a more conducive regulatory environment for local and international firms to the starting and operation of their businesses more successfully.

“All the regulative authorities need to decentralize the complex processes that delay and hamper the feasibility of the starting and the operation of businesses in the country,” he said.

To move up Sri Lanka’s position on Doing Business Ranking in 2013, strategies need to be taken to improve the ranking.

Accordingly, it is vital to adopt reforms operations in key institutions to rectify weaknesses indicated in each stage of business, develop a regular dialogue with relevant institutions to asses improvements and issues if any , conduct an awareness program to local respondents to the World Bank contributors to update them on improvements in doing business.

“In addition developing a reporting system for timely dissemination of improvements to the World Bank Group and arrange discussions with the World Bank and IFC officials to clarify issues and verify information used for annual ranking are up-to-date would be the main actions to be implemented swiftly.

When it comes to starting a business it is also needed to reduce the time taken to issues EPF and ETF numbers while also issuing development permits within a short period of time,” Central Bank of Sri Lanka Assistant Governor C J P Siriwardena said.