Sri Lanka climbs 11 notches to become 100 in World Bank’s Doing Business index for 2019
Sri Lanka has reportedly risen 11 slots to be ranked 100 among 190 countries in the World Bank’s 2019 Doing Business index.
The index is on the ease of doing business in 190 economies. Sri Lanka was 111 in 2018.
According to the latest World Bank annual ratings, Sri Lanka’s ease of doing business score, rating from 0 to 100, rose to 61.22 from 59.42 last year.
“Sri Lanka carried out four reforms which included making Dealing with Construction Permits easier, while the introduction of online systems made it easier to pay taxes in Sri Lanka and Bhutan,” a statement by the World Bank on the index said. “Sri Lanka advances to a global rank of 100 this year.”
India is in 77th place in the Doing Business rankings. It is the highest ranked economy in South Asia, followed by Bhutan (81) and Sri Lanka (100).
“Sri Lanka made dealing with construction permits more streamlined and less time-consuming by launching a single window counter and improving the efficiency of obtaining certificates required to undertake a construction project,” the World Bank has stated.
“Half of all regional economies, Afghanistan, Bhutan, India and Sri Lanka streamlined the process of paying taxes.”
OSL take:
Sri Lanka’s latest positioning in the World Bank’s Doing Business index for 2019 will undoubtedly help attract foreign investments to the country. By climbing 11 notches in the index, Sri Lanka has indicated the improvements made in the country’s ease of doing business environment. Therefore, foreign businesses/investors should explore investment opportunities in Sri Lanka.
| Article Code : | VBS/AT/20181105/Z_1 |