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Sri Lanka has implemented the most reforms of any of the eight economies in South Asia, helping to create a better environment for entrepreneurs, states a new report published by the International Finance Corporation (IFC) and the World Bank today (Oct 20).
The Report Doing Business 2012: Doing Business in a More Transparent World assesses regulations affecting domestic firms in 183 economies and ranks the economies in 10 areas of business regulation, such as starting a business, resolving insolvency and trading across borders. This year, the ease of doing business ranking has expanded to include indicators on getting electricity.
Sri Lanka has risen in the global ranking to 89, partly by strengthening investor protections and reducing taxes on business, the Report says.
To move up in the rankings, a state has to constantly reform and make it easier for citizens to engage in economic activities ahead of other countries who are giving their citizens more freedoms to fulfil their aspirations and create value. Sri Lanka's has adopted a conscious strategy to moving up in doing business rankings, the Report adds.
“South Asian economies have an opportunity to increase access to information for entrepreneurs,” said Sylvia Solf, lead author of the report. “One route is new technology, which is increasingly used by governments to provide electronic services for filing taxes or registering businesses. This not only enhances efficiency but opens opportunities to increase transparency,” he said.
Over the past six years, all eight economies in South Asia have made their regulatory environment more business-friendly. “Entrepreneurs in developing economies have a vital role in creating economic opportunities,” said Augusto Lopez-Claros, Director, Global Indicators and Analysis, World Bank Group. “South Asia’s governments have empowered entrepreneurs by implementing regulations that are efficient, accessible, and sustainable, and they should continue to seek avenues for improvement,” he further said.
For full report please visit:
http://www.doingbusiness.org/rankings
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