Sri Lanka losing 70% of job, investment opportunities: WB

(October 16, Colombo, Sri Lanka Guardian) A new report by the World Bank points out that over 70 per cent of government investment promotion agencies miss out on investment and job creating opportunities by failing to provide accurate and timely information to potential investors.

The report states that Sri Lanka is the most improved investment promotion agency in South Asia. There are 52 countries including Sri Lanka that have been ranked in the 'Good Governance' category while only certain countries are qualified as best performing countries.

The report states that Sri Lanka has increased its score in 2008 by 29 points mainly due to an improved website that offers detailed, reliable and current data.

However, the report points out that it's failure to respond to inquiries may point to weak internal systems, which may result in losing investment opportunities.

Meanwhile, speaking at a media briefing held in Colombo yesterday, the Chairman of the Board of Investment, Dhammika Perera said that their aim was to fulfill the requirements of investors as soon as possible.

Furthermore, the 17th meeting of the Joint Council under the US-Sri Lanka Trade and Investment Framework Agreement initiated in 2002, was held in Colombo yesterday.

-Sri Lanka Guardian