Thumbs up for ease of doing business

The latest monthly poll conducted by research firm Kantar TNS, for business magazine LMD, reveals that 53% of the people believe that doing business in Sri Lanka is fairly easy, given the availability of necessary facilities. However, 40% oppose this claim with a further 7% sitting on the fence, the magazine notes.

The islandwide survey finds that some seven-in-10 people are of the view that Sri Lanka is attractive to foreign investors, mainly due to healthy market conditions for external investment and the peaceful climate in the country.

A majority (56%) of those polled also feel that there is scope for start-ups in the country, as there are ‘vast business opportunities,’ loan facilities and broad recognition given to business acumen. More than a third (38%), however, are in the naysayers’ camp and 6% are unsure. LMD observes. 

Meanwhile, over half (61%) of survey respondents agree that corruption is a stumbling block for businesses with only 24% saying otherwise, while a further 15% are uncertain.

Citizens note that curbing bribery and corruption, reducing red tape and bureaucracy, creating awareness on concessions, ensuring consistency in policymaking, improving infrastructure and the calibre of policymakers, urging banks to finance start-ups and offering concessions to key sectors are needed to improve Sri Lanka’s Ease of Doing Business ranking.

LMD’s publisher, Media Services, says that the December edition of the pioneering business magazine has been released to leading supermarkets and bookstores in Colombo and the outstations. 

Its Cover Story features LMD’s ‘Sri Lankan Of The Year’ for 2016 (for the full story, log onto www.LMD.lk).