Any economy has issues but Sri Lanka’s economic woes are ‘negligible’ compared to others, Central Bank (CB) Governor Nivard Cabraal, on a high after the country was ranked at 89th place for this year in the Doing Business Ranking Index from its 98th place last year, says.
“We are a resilient economy compared to the others especially when considering what is going on in other countries is appalling. Comparatively, we’ve done well," Mr. Cabraal told the Business Times on the sidelines of a discussion on ‘Improving Doing Business Ranking in Sri Lanka’ in Colombo when asked why the post-war take off in the economy has been slow.
He said that the task at hand is to jump Sri Lanka’s ranking to number 30 in the Doing Business Ranking by 2014 from its current 89th position. “With the end of the 30-year conflict, Sri Lanka has embarked on a path of accelerated economic growth. In such an environment, a rapid expansion in the business sector could be expected, and facilitation of business is a major responsibility that has to be undertaken by policy makers in order to fast track growth,” he said.
The dialogue with high officials representing different state and public sector institutions were seen discussing an 8-point target proposal focusing on further easing doing business in the country.
CB Assistant Governor C.J.P. Siriwardena in his address noted that CB’s medium term, 8-point target to bring Sri Lanka higher up in the ranking has major goals addressed to ease the environment for doing business. This target has starting a business, dealing with construction permits, registering businesses, accessing credit, investor protection, paying tax, trading across borders and enforcing contracts.
Mr. Cabraal said that cutting the number of days taken to start up a business from 35 days to seven, and bringing in a more business friendly environment to obtain construction permits is a major area for concern. Mr. Siriwardena noted that with the timely implementation of these reforms the Doing Business Ranking in Sri Lanka expects to enhance annually and by 2014 will reach the 30th position.
Economic Development Minister Basil Rajapaksa joining in the discussion noted that some public sector officials tend to procrastinate certain decisions dragging crucial decisions. He noted that such instances translate to red tape.
Many officials noted that with the computerisation programmes which are being carried out now, by end 2012 most procedures will see their timelines cut by a number of days. Mr. Rajapaksa called to implement a system where all or most of these departments are brought into one place much like a one stop shop. He requested the Water Board to present a map of the water network to the Colombo Municipal Council and the Urban Development Authority in a bid to fast track granting water connections. |
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