Lankapage Logo CP 18 YEARS
Go Home Home Serving the Sri Lankan community globally since 2000
go to LankaPage.com

Leading News from Sri Lanka::

* World Bank stresses Sri Lanka to show progress in 'Doing Business'
Wed, Jul 5, 2017, 05:04 pm SL Time, ColomboPage News Desk, Sri Lanka.

July 05, Colombo: The World Bank says Sri Lanka's window of opportunity to improve investment climate is time-bound and it is important for Sri Lanka to show progress in improving business atmosphere to assert its position in the world.

World Bank Country Director for Sri Lanka and Maldives Ms. Idah Z. Pswarayi-Riddihough recognizing Sri Lanka's commitment and drive to accelerate its economic reform agenda, said the package of reforms is sound and overall will be beneficial, but to get better than satisfactory impact the reform process will need commitment and perseverance.

Delivering the opening remarks at the launch of the Roadmap to Improve the Investment Climate on Monday, Pswarayi-Riddihough said the launch marks a milestone achievement in Sri Lanka's commitment to change its business environment, to create more and better jobs; which in turn will end poverty and increase shared prosperity.

"Reforms are difficult and challenging, even for those who stand to gain the most from them," the World Bank official noted. "Sri Lanka needs to assert its position firmly in the region and in the world."

Speaking about the World Bank's Doing Business report which measures the ease of doing business in 190 countries, Pswarayi-Riddihough said it's very important to not only do well in a single year, but it may actually be more important to show progress.

"It's a proven fact that unless the investment climate is favorable, investors will look elsewhere for options."

Sri Lanka ranked 110th out of 190 countries in the ease of doing business in 2017 falling from the 107th place it earned a year before.

The World Bank official pointed out that Sri Lanka has potential to show that its predicted score is a positive one. "To do this it must - stay on the reform path. Consistency and determination to deliver high quality reforms will earn credibility," she said.

Pswarayi-Riddihough explained that the Doing business team put out a set of criteria at the beginning of every year against which performance is assessed and it is possible that at times a country's rating will fall even though they have carried out many reforms.

She suggested reviewing the target reforms to ensure that they are included in the priorities. "A steady pace of creating a robust regulatory and institutional foundation will help Sri Lanka raise its ranking," she added.

The official said it is possible for Sri Lanka to get a good ranking in the Doing Business report and should use the opportunity provided by regaining the GSP+ facility from the European Union recently.

"Recently, Sri Lanka regained access to GSP+; an incredible opportunity to give Sri Lanka a renewed chance to attract investors - but it must be seen as business friendly," she stressed.

"The roadmap to improve the investment climate is in place as is the Task Force to lead the work. But as with all windows of opportunity they are unfortunately time bound. Inaction over a period of time; and more importantly lack of results will hasten the window's closure," the World Bank official cautioned.

She said there is a need to build more buy-in from the citizens in this process. This is because when a country opens up its not only government that has a role to play, but the private sector, media, NGOs and citizens do too.

Congratulating the Government of Sri Lanka for marking the launch of the road map to improve the investment climate in Sri Lanka with the commitment that “Sri Lanka Means Business”, the World Bank official said the global lender is looking forward to continuing to partner with Sri Lanka along with other development partners in Sri Lanka's journey to rise up the ranks of the doing business index.

 


ColomboPage - Recent 10 Stories ::
Sri Lanka Human Rights Commission organizes film festival to mark International Day in Support of Victims of Torture
-- [1 hour and 19 minutes ago]
BOI enterprise Jiffy Products Sri Lanka (Pvt) Ltd celebrates 15 years of operations
-- [1 hour and 49 minutes ago]
Sri Lanka court orders arrest of villagers who killed leopard
-- [2 hours ago]
Norwegian research vessel arrives in Sri Lanka for a marine resources research
-- [2 hours ago]
Sri Lanka Prime Minister pledges to strengthen local businesses
-- [3 hours ago]
'Enterprise Sri Lanka' program to boost domestic private investment launched
-- [4 hours ago]
Sysco LABS second Engineering Nexus meetup on 4 July
-- [5 hours ago]
UK says dispute with Sri Lankan glove maker should be resolved by the company and local authorities
-- [5 hours ago]
Police officer killed in jewellery store heist, mastermind of robbery arrested
-- [6 hours ago]
Sri Lanka court grants bail to extremist Buddhist monk convicted of threatening missing journalist's wife
-- [6 hours ago]

Copyright © 2000, 2016 by LankaPage.com (LLC) :
The news and other contents on ColomboPage are copyrighted property of LankaPage.com, LLC. Any unauthorized use of any information on ColomboPage may constitute a violation of copyright laws. You need written permission to reproduce, republish, post, transmit, broadcast or distribute, material from this site from LankaPage.com, LLC. However, news organizations or broadcasters in Sri Lanka may republish the news items in ColomboPage with proper acknowledgment to ColomboPage.