'Improving Doing Business Ranking of Sri Lanka'

(Colombo, Lankapuvath, May 24) - Economic Development Minister Basil Rajapaksa said despite the greater political and macro-economical stability in the country, Sri Lanka’s doing business ranking is 105 according to the World Bank report.

With greater political and macro-economical stability in the country, Sri Lanka needs to upgrade its doing business rankings to attract more investments.

This World Bank report is not realistic due to some loopholes in submitting data by various institutions, he said.

Investors before coming to Sri Lanka look at these figures. As such the Government has to look into this matter and create an enabling environment to attract new business ventures to create employment and promote growth in increasing income for people. Action should be taken to formulate new rules and regulations for the identified issues by the Government to upgrade the business ranking, he said.

He was speaking at a seminar on "Improving Doing Business Ranking of Sri Lanka" at the Central Bank recently said this is the best time to discuss opportunities available to doing business and address the issues that hinder business activities because the conflict has come to an end and the world economy is recovering from its worst situation. Sri Lanka needs to leverage on these new strengths and will have to re-position itself in this new environment. Hence, public sector activity should be focused on providing an enabling environment to strengthen the role of the private sector in the economy.

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