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Sri Lanka is aiming to reach 70 in an ease of doing business ranking compiled by the World Bank next year from 89 in 2012, and 30 in 2014 by cutting red tape and transforming the way the state interact with businesses, officials said.
"If we do not change, others will overtake us," Sri Lanka's economic development minister Basil Rajapaksa said.
"Even to stay in one place we have to make changes."
This year Sri Lanka jumped nine places overtaking competitors like China and Vietnam.
The race to become an attractive place for doing business has the highest backing from the island's political leadership, with President Mahinda Rajapaksa himself supporting a target of becoming the 30th easiest place in the world to do business by 2014.
Sri Lanka's Central Bank Governor Nivard Cabraal who is actively pushing the process says it is possible to change processes and requirements, some of which are outdated and no longer required to make the island an easier place to do business.
"Some of the changes we have already done, relating to taxation was not captured in this year's ranking," Cabraal said.
"We are also planning other changes."
The World Bank and International Finance Corporation ranking measures countries across ten parameters ranging from investor protection to taxes to power connections.
Cabraal has a team of Central Bank officials working on the problem, talking to the IFC Doing Business team, local monitors and liaising with various agencies to make changes and communicate the changes to compilers of the index.
Cabraal says the task is not strictly a central bank function but the monetary authority is playing a temporary facilitating role in the real economy having ensured monetary stability.
At a forum of government and private sector officials Monday, economic development minister Rajapaksa encouraged officials to drop archaic requirements that were no longer needed.
Rajapaksa said if the time taken to give an electricity connection could be cut it would improve the ranking, but officials should also ensure that getting water connections was also easy.
"It does not matter whether it is in the ranking or not, this is a practical problem faced by the businesses," he said.
Central Bank assistant governor C P Siriwardene said Sri Lanka showed the greatest improvement of nine places after Morocco which led with a gain of 21 places.
Sri Lanka was using Singapore as a benchmark. Siriwardene said the targets set by Sri Lanka were doable.
For example it took 3 days to start a business in Singapore and 35 days in Sri Lanka. Sri Lanka wanted to cut it to 7 days by 2014.
In Singapore it took only 16 days and 11 procedures to get a construction permit, and it took 217 days and 18 procedures in Sri Lanka. The island wanted to cut it down to 100 days and 19 procedures.
Many state agencies were computerizing already and some were already offering online services including a pension fund managed by the Central Bank itself.
http://lbo.lk/fullstory.php?nid=795793838
"If we do not change, others will overtake us," Sri Lanka's economic development minister Basil Rajapaksa said.
"Even to stay in one place we have to make changes."
This year Sri Lanka jumped nine places overtaking competitors like China and Vietnam.
The race to become an attractive place for doing business has the highest backing from the island's political leadership, with President Mahinda Rajapaksa himself supporting a target of becoming the 30th easiest place in the world to do business by 2014.
Sri Lanka's Central Bank Governor Nivard Cabraal who is actively pushing the process says it is possible to change processes and requirements, some of which are outdated and no longer required to make the island an easier place to do business.
"Some of the changes we have already done, relating to taxation was not captured in this year's ranking," Cabraal said.
"We are also planning other changes."
The World Bank and International Finance Corporation ranking measures countries across ten parameters ranging from investor protection to taxes to power connections.
Cabraal has a team of Central Bank officials working on the problem, talking to the IFC Doing Business team, local monitors and liaising with various agencies to make changes and communicate the changes to compilers of the index.
Cabraal says the task is not strictly a central bank function but the monetary authority is playing a temporary facilitating role in the real economy having ensured monetary stability.
At a forum of government and private sector officials Monday, economic development minister Rajapaksa encouraged officials to drop archaic requirements that were no longer needed.
Rajapaksa said if the time taken to give an electricity connection could be cut it would improve the ranking, but officials should also ensure that getting water connections was also easy.
"It does not matter whether it is in the ranking or not, this is a practical problem faced by the businesses," he said.
Central Bank assistant governor C P Siriwardene said Sri Lanka showed the greatest improvement of nine places after Morocco which led with a gain of 21 places.
Sri Lanka was using Singapore as a benchmark. Siriwardene said the targets set by Sri Lanka were doable.
For example it took 3 days to start a business in Singapore and 35 days in Sri Lanka. Sri Lanka wanted to cut it to 7 days by 2014.
In Singapore it took only 16 days and 11 procedures to get a construction permit, and it took 217 days and 18 procedures in Sri Lanka. The island wanted to cut it down to 100 days and 19 procedures.
Many state agencies were computerizing already and some were already offering online services including a pension fund managed by the Central Bank itself.
http://lbo.lk/fullstory.php?nid=795793838
