CCC welcomes Sri Lanka’s gain in Doing Business ranking

The Ceylon Chamber of Commerce said yesterday it was pleased to note the improvement in Sri Lanka’s ranking in the Doing Business 2013 report published by the IFC and the World Bank.

“We note that in 2011, Sri Lanka was ranked 98 and in 2012 we climbed nine points to come to 89 and continued efforts by the authorities have resulted in a further improvement in the ranking to 81,” the chamber said in a statement.

There has been a noteworthy improvement in some key areas.

Sri Lanka was ranked 71 in starting a business in 2012 and it has made an improvement to be ranked at the 33rd position in 2013. Registering property has also risen 21 places from 164 in 2012 to 143 in 2013. Getting credit has jumped 10 points up to 70 in 2013 from 80 in 2012. Paying taxes and enforcing contracts have also seen a slight improvement.

These positive indicators show that the efforts of the authorities to improve the country’s rankings have paid off.  However, it is noteworthy to point out that there are areas in which Sri Lanka’s ranking has fallen. Sri Lanka ranked at 46 in protecting investors in 2012 and it has dropped three places to 49. Similarly trading across borders, dealing with construction permits, getting electricity and resolving insolvency are other areas that have shown deterioration.

“Whilst appreciating the initiative undertaken by the Government to substantially improve Sri Lanka’s ranking over a period, the Ceylon Chamber of Commerce trusts that more attention will be paid by the authorities to areas that have shown a weakening and the chamber will continue to extend its fullest support to the Government to improve the areas that are lagging so that Sri Lanka can further improve its overall ranking in the future,” the statement added.