"If we do not change, others will overtake us," Sri Lanka's economic development minister Basil Rajapaksa said.
"Even to stay in one place we have to make changes.
"
This year Sri Lanka jumped nine places overtaking competitors like China and Vietnam.
The race to become an attractive place for doing business has the highest backing from the island's political leadership, with President Mahinda Rajapaksa himself supporting a target of becoming the 30th easiest place in the world to do business by 2014.
Sri Lanka's Central Bank Governor Nivard Cabraal who is actively pushing the process says it is possible to change processes and requirements, some of which are outdated and no longer required to make the island an easier place to do business.
"Some of the changes we have already done, relating to taxation was not captured in this year's ranking," Cabraal said.
"We are also planning other changes."
The World Bank and International Finance Corporation ranking measures co