Sri Lanka has improved its ranking in the 'Doing Business 2013' ranking released annually by the World Bank and International Finance Corporation.
Sri Lanka which was ranked 96 in 2012 went up fifteen notches to 81 in the Doing Business 2013 data for Sri Lanka.
"Sri Lanka implemented the most regulatory reforms among the eight economies covered in South Asia, helping to create a better environment for local entrepreneurs," the World Bank and IFC said.
"It marks the first time since 2005 that a South Asian economy has ranked so high."
The reforms cover the period from June 2011 to June 2012.
Sri Lanka has made starting a business easier by computerizing the registering for the Employees Provident Fund and Employees Trust Fund two retirement funds.
Trading across borders had been helped by implementing a global electronic data interchange system.
Sri Lanka was among 10 economies globally that has improved its ranking the most across three or more areas.
South Asia Maldives was ranked 95, Pakistan 107, Nepal 108, Bangladesh 129, India 132, Bhutan 138 and Afghanistan 168.
The global survey conducted by the International Finance Corporation (IFC) and World Bank assesses regulations affecting domestic firms in 185 economies and ranks the economies in 10 areas of business regulation, such as starting a business, protecting investors, getting credit, resolving insolvency and trading across borders.
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