Madhura heads Select Committee to improve ease of doing business

Friday, 18 November 2022 00:25 - - {{hitsCtrl.values.hits}}

Madhura Withanage

Young MP and Attorney-at-Law Madhura Withanage has been appointed as the Chairman of the Select Committee of Parliament to study the practical problems and difficulties that have arisen in relation to enhancing the rank in the Ease of Doing Business Index and make its proposals and recommendations.

The appointment was made by Speaker of Parliament Mahinda Yapa Abeywardana.

Other members of the Select Committee are MPs Naseer Ahamed, A. Aravindh Kumar, Anura Priyadharshana Yapa, Dharmalingam Sithadthan, Mohomad Muzammil, Chaminda Wijesiri, Waruna Liyanage, Sanjeeva Edirimanna, Nalaka Bandara Kottegoda, Kokila Gunawardene, and Lalith Varna Kumara.

In the 2020 Ease of Doing Business Index, Sri Lanka was ranked at 99 with a score of 61.8. The index was discontinued in 2021. Sri Lanka’s score in 2016 was 59.18 score and 2020 ranking suggest that the Sri Lanka score had been growing at an average annual rate of 1.10%.

The Government of former President Gotabaya Rajapaksa set a goal of improving Sri Lanka’s ranking to 25th place by 2025.

President and Finance Minister Ranil Wickremesinghe on Monday in his 2023 Budget presentation said there is a need for simplifying and making existing arrangements efficient to create a more business friendly environment.

Accordingly, measures are required to reduce costs, procedures and time, and to improve transparency enabling to create a healthy business environment. Hence, the President proposed to allocate Rs. 200 million to the Ministry of Investment Promotion to introduce the necessary reforms in this respect.

He also proposed to enact a new, updated and unified labour law in a manner to benefit both employer and employee segments and the economy.