Sri Lanka improves steadily in Doing Business ranking

By Sanjeevi Jayasuriya

Sri Lanka will map out strategies to achieve better rankings in the ease of Doing Business index compiled by the World Bank Group, in which the country has secured the 81st position for 2013.

Sri Lanka’s Doing Business ranking has steadily improved from 98 in 2011 to 89 in 2012 and 81 in 2013. This ranking is out of 185 countries. This year the World Bank revised Sri Lanka’s 2012 ranking from 89 to 96. Hence, the improvement to 81 in 2013 is commendable as Sri Lanka has moved up 15 places.“It is necessary to formulate strategies to progressively improve our ranking in the coming years. The country has set a target of reaching the top 30 by 2015 and will have a positive approach to improve areas of lower grading.

The achievement of 30th position in the ranking will ensure empowering people economically and reducing poverty, Minister of Economic Development, Basil Rajapaksa said.Improvement in ranking will also create a conducive environment for the local and international business community and for investors. It will lead to enhanced employment and revenue generation opportunities, he said at a meeting to discuss future strategies held at the Central Bank on Friday. “We cannot be satisfied with these achievements and must strive to improve the regulatory environment for business if we are to achieve our targets relating to per capita income in the medium term. There are many areas where ranking can be improved on and further reforms need to be undertaken,” he said.

The main objective is to promote a favourable business climate and to propel the country to become one of the most desired destinations for business.

The elevation in the ranking will make it possible to achieve this where many other benefits will accrue for the people to take Sri Lanka to the next level of economic progress, the Minister said.

The World Bank report notes that Sri Lanka takes second place where improved countries in the world in the doing business ranking is concerned. In addition, it is reported that Sri Lanka is the highest ranking country in South Asia and is the only country in the region to improve its ranking in 2013.

The report said that for the first time in seven years, Sri Lanka being a South Asian country ranks among the most improved.

The Doing Business index is compiled by the World Bank and the IFC and the ranking reflects the ease of doing business in a country, compared with other countries.

The index comprises ten quantitative indicators on business regulations that can be compared across 185 countries.