Sri Lanka Business Chambers welcome govt’s initiative of ease of doing business

May 13, 2015 (LBO) – The Joint Business Chambers of Sri Lanka welcome the initiative taken by the Ministry of Finance to engage in a series of discussions with the public institutions and private sector to address the issues concerning the improvement of Sri Lanka’s Ease of Doing Business Ranking, which now ranked at 99, among 189 countries.

“We welcome the formulation of a high-powered Committee consisting of both the Public and Private Sector Stakeholders to spearhead this important exercise,” The Chamber said in a joint statement.

The statement was jointly issued by The Ceylon Chamber of Commerce, The National Chamber of Commerce of Sri Lanka, Federation of Chambers of Commerce and Industry of Sri Lanka, Ceylon National Chamber of Industries, International Chamber of Commerce, National Chamber of Exporters of Sri Lanka, The Chamber of Young Lankan Entrepreneurs and The Joint Apparel Association Forum.

The Ease of Doing Business Ranking is an evaluation done by the World Bank annually, and achieving a higher ranking on this index would enable Sri Lanka to attract foreign direct investments while facilitating the growth of the economy.

Sri Lanka’s foreign direct investment rose 17 percent from a year earlier to 1,685 million US dollars in 2014, data showed.

Analysts say the prevailing political uncertainty in the country drives investors back.