Lanka's Doing Business Ranking gets better

Indunil Hewage

Sri Lanka was ranked 81 from 89 in 'Ease of Doing Business,' up eight places from the previous year, according to the 2013 edition of the World Bank's "Doing Business" report which was released by the Washington-based World Bank Group and International Finance Corporation (IFC).

Sri Lanka made starting a business easier by computerizing and expediting the process of obtaining a registration number for the Employees Provident Fund and Employees Trust Fund, registering property faster by introducing an electronic system at the Land Registry in Colombo.

Sri Lanka has also strengthened its secured transactions system by establishing an electronic, searchable collateral registry, issuing regulations for its operation.

In addition, Sri Lanka has reduced the time limit to export by implementing the ASYCUDA World electronic data interchange system.

"Local entrepreneurs in developing countries are finding it easier to do business than at any time in the last 10 years, highlighting the significant progress that had been made in improving business regulatory practices across the globe," a World Bank and IFC report mentioned.

Singapore secured the first place in global rankings on the ease of doing business for the seventh consecutive year, followed by Hong Kong SAR, New Zealand and the United States. In the South Asian Region, Maldives was ranked 95, Pakistan 107, Nepal 108, Bangladesh 129, India 132, Bhutan 138 and Afghanistan 168.

Sri Lanka, Poland, Ukraine, Uzbekistan, Burundi, Costa Rica, Mongolia, Greece, Serbia and Kazakhastan were among the 10 economies globally, that registered the biggest improvements in the ease of doing business over last year and among the other countries.