Sri Lanka launches more business-friendly initiative eliminating bureaucratic red tape

Sri Lanka’s present economic situation is extremely conducive for foreign investment with the country’s economic growth hovering around 7 per cent and it would remain 6-8 per cent till 2025, Finance Minister Ravi Karunanayake said.

He was addressing a vast gathering of representatives of business and trade chambers, businessmen, senior state officials, and heads of banks at the launching ceremony of a series of meetings between the government institutions and the private sector to facilitate business under the theme "Ease of Doing Business" at the Ministry’s Miloda Centre in Colombo on Thursday.

He expressed the belief that market integrity, good governance, coupled with political stability will enhance foreign direct investment and improve rankings in indices such as the Ease of Doing Business Index.

He noted that the aim of this interaction forum is to create a condusive environment for local and foreign businessmen and provide prompt solutions for their problems in consultation with relevant state officials eliminating bureaucratic red tape.

This was an initiative of Prime Minister Ranil Wickremesinghe on a concept mooted by Advisor to the Ministry of Policy Planning, Economic Affairs, R. Paskaralingam, he added.

Sri Lanka's total exports are only US$11.3 billion while imports are $19.6 billion and it is essential to bridge this gap by increasing exports, he said adding that this forum will bring together all stakeholders to tackle problems through consultations compromise and consensus.

A special website 'Ease of Doing Business' was launched by the Finance Minister in the presence of Minister of Industry and Commerce Rishad Bathiudeen and Deputy Minister of Highways and Investment Promotion, Wickramaratne.

This will enable the private sector to submit their queries directly to the relevant government institutions and obtain solutions.

The global survey by the International Finance Corporation (IFC) and World Bank ranked Sri Lanka at 99th out of 189 countries in the ease of doing business index, Mr. Karunanayake said noting that the new government strives to climb up the ladder.

Representatives of the Ceylon Chamber of Commerce, the National Chamber of Commerce of Sri Lanka, Federation of Cham-

Eran bers of Commerce and Industry of Sri Lanka, Ceylon National Chamber of Industries, International Chamber of Commerce, National Chamber of Exporters of Sri Lanka, the Chamber of Young Lankan Entrepreneurs, Chamber of Construction Industry and the Joint Apparel Association Forum along with several small and medium scale businessmen presented their problems.

Prompt action has been taken at the forum in consultation with relevant senior officials of the state institutions to solve all these grievances. The next meeting will be held on June 11.