Sri Lanka expects to better ‘Doing Business’ ranking

Oct 11, 2012 (LBO) – Sri Lanka expects to move up on an ease of doing business ranking compiled by World Bank group for 2013, a multilateral lender, the island’s central bank which has been involved in moves to improve the ranking said. A state or territory can move down on the rankings even without placing new difficulties on citizens trying to engage in economic activities if other countries relax controls at a faster pace.

States with rulers that give more freedom for citizens to engage in economic activities by relaxing or simplifying controls and permits, improve property rights, free trade and the legal framework move forward in the ranking.

The Central Bank said in 2010 Sri Lanka was ranked 105 out of 183. In 2011 Sri Lanka had moved up to 98 and in 2012 to 89.

“It is expected for this ranking to substantially improve further in 2013,” the Central Bank said.

The Central Bank said it had conducted seminars led by economic development minister Basil Rajapaksa to improve awareness among officials and state agencies.

Agencies such as the Colombo Municipal Council, Inland Revenue Department, Department of Labour, Department of Registrar of Companies, Board of Investment of Sri Lanka, Colombo Stock Exchange, Cr