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Forbes ranks Sri Lanka high in its Business List

Sep 14, 2010 12:07:12 PM - itnnews.lk

The Forbes magazine has ranked Sri Lanka high in its list of best countries in the world to do business. Sri Lanka ranks above China (90th), Philippines (91st), Russia (97th) and many of the South American nations. Being at the 83rd place, Sri Lanka is second only to India (77th) in South Asia.

‘President Rajapaksa’s re-election in 2010 means that the Government of Sri Lanka will likely continue its more stable economic approach, that seeks to reduce poverty by steering investment to disadvantaged areas, developing small and medium enterprises, promoting agriculture, and expanding the already enormous civil service’. The Forbes magazine pointed out that the end of the war and the IMF loan restored investors’ confidence. ‘The Sri Lankan stock market gained over 100% in 2009, one of the best performing markets in the world. Among other resons cited are the official foreign reserves improved to more than $5 billion by November 2009, providing over 6 months of imports cover’.

The Forbes magazine categorized 128 nations on the basis of property rights, technology, corruption, personal freedom, red tape, investor protection and stock market performance. Denmark tops the list, followed by Hong Kong in the second place, New Zealand in third, Canada in fourth and Singapore in the fifth place. Out of the 128 countries listed, Forbes ranks Pakistan at 92nd place while Bangladesh at 109th and Vietnam at 118th. Syria and Nepal are ranked at 120th and 104th places respectively.