WB asks SL to show progress in improving business atmosphere

WB asks SL to show progress in improving business atmosphere

SAM Staff,

The World Bank says Sri Lanka’s window of opportunity to improve investment climate is time-bound and it is important for Sri Lanka to show progress in improving business atmosphere to assert its position in the world.

World Bank Country Director for Sri Lanka and Maldives Idah Z. Pswarayi-Riddihough recognizing Sri Lanka’s commitment and drive to accelerate its economic reform agenda, said the package of reforms is sound and overall will be beneficial, but to get better than satisfactory impact the reform process will need commitment and perseverance.

Delivering the opening remarks at the launch of the Roadmap to Improve the Investment Climate on Monday, Pswarayi-Riddihough said the launch marks a milestone achievement in Sri Lanka’s commitment to change its business environment, to create more and better jobs; which in turn will end poverty and increase shared prosperity.

“Reforms are difficult and challenging, even for those who stand to gain the most from them,” the World Bank official noted. “Sri Lanka needs to assert its position firmly in the region and in the world.”

Speaking about the World Bank’s Doing Business report which measures the ease of doing business in 190 countries, Pswarayi-Riddihough said it’s very important to not only do well in a single year, but it may actually be more important to show progress.

“It’s a proven fact that unless the investment climate is favorable, investors will look elsewhere for options.”

Sri Lanka ranked 110th out of 190 countries in the ease of doing business in 2017 falling from the 107th place it earned a year before.

SOURCEThe Island