Upgrading of Lanka's competitiveness ranking hailed

by Lalin FERNANDOPULLE

Sri Lanka's upgrading in the global competitiveness ranking was hailed by State and private sector business personalities as a commendable achievement by the country which is fast transforming into a major business hub in the Asian region.

Deputy Minister of Economic Development, Ranjith Siyambalapitiya said the country recorded this major achievement due to the vision of President Mahinda Rajapaksa and added that Sri Lanka is poised to achieve greater economic growth.

"The unprecedented growth in the stock market, inflation dropping to a single digit and decline in unemployment are positive indicators of the potential of the country", Siyambalapitiya said.

Governor, Central Bank, Ajith Nivard Cabraal said Sri Lanka achieved this milestone because of the strong economic fundamentals in the country and added that it is a positive signal for the country.

Managing Director, Logan Rockefeller Lanka Asset Management and Former Director General, Securities and Exchange Commission of Sri Lanka, Channa De Silva said Sri Lanka's ranking is an important indicator which direct and portfolio investors look at.

"The ranking is significant as we have strategically relocated Sri Lanka by upgrading the country by 17 positions. The upgrading signifies the confidence the international community has on the country", he said.

The World Economic Forum has upgraded Sri Lanka's global competitiveness ranking from 79 to 62 among 139 countries for 2010-2011.

Mongolia, ranked 99 in the latest report, was the highest gainer, rising 18 slots, followed by Sri Lanka which gained 17 slots to position itself at 62.