Business Times

Sri Lankan economy has fewer problems compared to many others : Cabraal

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.

Top to the page  |  E-mail  |  views[1]
SocialTwist Tell-a-Friend
 
Other Business Times Articles
Controversial law figures in WB discussions
Desktop computer era out; In - mobility
SEC: It's the market not Malik
Farmers’ pension scheme collapses
Leopard Capital’s local unit closes
Govt. changes new visa processing fee rules
Comment - Checks and balances
Gravity brings property back to earth
Towards a pension scheme for the elderly
3 mln Sri Lankans working abroad will solve all our problems : Amunugama
EFC to help SMEs to increase productivity, improve working conditions using low cost strategies
Swiss Airlines flies into Colombo thro' Edelweiss Air
Haycarb unit in one-of-its-kind waste water management project
Commercial Leasing gets finance company licence, to go public soon
United Motors says highest ever first half profits in 2011/12
PC House introduces Marbella GPS
New firm offers investors a full service including settling down and facilitating investments
Expolanka Holdings posts Rs. 668 million post tax profit
SL to facilitate Aeturnum's sales push into Singapore, Malaysia
Android Forum to be held here on Nov 8
Training programme
University courses easily structured, allow students to do other assignments
ILO warns world heading for a new and deeper jobs recession, more social unrest
Infotel 2011 to accelerate IT
Industry Ministry to develop comprehensive rubber database
Nestle Lanka lifts revenues in 9-mth performance
Ceylinco Diabetes Centre promotes diabetes screening in November
IBM unveils new Smart Cloud Services for enterprises
Sri Lankan delegation to attend top construction conference in Vietnam
Regulatory and policy making institute for food industry launched
Sri Lankan economy has fewer problems compared to many others : Cabraal
Munchee - no niche in the ‘Seeni Bola’ industry
Crisis-hit Pelwatte Sugar says rights issue postponed
Sri Lanka's Jan-Aug exports reach $6.9 bln, industries & agro drive earnings
Top US companies urge new Internet trade rules
G20 exporters to ease debt crisis hit
Microsoft Unlimited partners HSBC to empower youth
Maldives resorts drive Aitken Spence growth
CDB shows 141% growth in profit-after-tax for 1H 2011/12
First Capital says tax reversal decision boosts profits
EPF investments are long term, of sound value
Finance companies primed for explosive growth
Chemanex subsidiary to make super absorbent for diapers
Sampath's net profit up 51%, despite Rs. 29 mln forex losses
Creating awareness on investing in the Colombo bourse

 

 
Reproduction of articles permitted when used without any alterations to contents and a link to the source page.
© Copyright 1996 - 2011 | Wijeya Newspapers Ltd.Colombo. Sri Lanka. All Rights Reserved | Site best viewed in IE ver 8.0 @ 1024 x 768 resolution