"At the next assessment we will probably be able to reach 70th rank," Cabraal told a visiting delegation of Israeli businessmen.
"The President has given a challenging goal of developing our ranking to 30th by 2016.
Cabraal told Israeli businessmen the same time macro-economic fundamentals were also being improved to the levels of advanced nations, which will help any Israeli businesses that was planning to set up shop here or engage in trade.
"We are very particular that Sri Lanka's macro fundamentals are also maintained at levels advanced nations are looking to have," he said.
"Sri Lanka has benign inflation, our interest rates, our interest rates are moderate, we have a stable banking environment.
Sri Lanka's central bank has it will target a mid-single digit inflation from next year but inte