23 Oct,
2012 06:34:21 | lankabusinessonline
Oct 23, 2012 (LBO) - Sri Lanka has bettered its
ranking to 81 from 89 in an ease of doing business ranking compiled by the
World Bank and International Finance Corporation by computerizing key
processes.
"Sri Lanka implemented the most
regulatory reforms among the eight economies covered in South Asia, helping to
create a better environment for local entrepreneurs," the World Bank and
IFC said.
"It marks the first time since 2005
that a South Asian economy has ranked so high."
The reforms cover the period from June
2011 to June 2012.
Sri Lanka has made starting a business
easier by computerizing the registering for the Employees Provident Fund and
Employees Trust Fund two retirement funds.
In registering property Sri Lanka has
scored by starting an electronic system for land registry in the capital
Colombo. In getting credit, a searcheable collateral registry has been
established by the island's credit information bureau.
Trading across borders had been helped
by implementing a global electronic data interchange system.
Sri Lanka was among 10 economies
globally that has improved its ranking the most across three or more areas.
Singapore remained the easiest place in
the world to do business, followed by Hong Kong, New Zealand and the United
States.
In South Asia Maldives was ranked 95,
Pakistan 107, Nepal 108, Bangladesh 129, India 132, Bhutan 138 and Afghanistan
168.
Sri Lanka ranked 33 overall in starting a
business, behind Afghanistan's 28. Sri Lanka had five steps to start a business
compared to four in Afghanistan. Costs as a percentage of per capita income was
also high in Sri Lanka.
Sri Lanka fared badly in dealing with
construction permits with a rank of 112, compared to 19 for Maldives and 105
for Pakistan. There were also 17 procedures, compared with 8 for Maldives and
11 for Pakistan. Average time taken was 216 days.
Sri Lanka has been pushing hard to
improve its ranking, led by the country's central bank. Both the provident fund
and credit information bureau are connected to the monetary authority.
