Two new committees for project inspection and land to speed up approvals
Taskforce set up to improve single window for investments with improvements to online services
The Government has rolled out new measures to fast-track Foreign Direct Investments (FDIs), aiming to fully realise a $ 2.5 billion target.
Among the new measures is the appointment of two special committees within the Board of Investment (BOI) to speed up the approval process to start FDI projects without delays. They are the BOI Project Inspection Committee and the Land Allocation Committee.
“Investors have to obtain over 20 approvals and licences from a number of agencies for an investment. Due to the lack of coordination between these institutions, the investment approval process takes considerable time,” Investment Promotion Minister Prasanna Ranatunga told the Daily FT.
“The Project Monitoring Committee has taken immediate steps to approve all investment applications in collaboration with the relevant departments of the Board. The Land Allocation Committee will evaluate the BOI land in accordance with technical and financial criteria and properly transfer the land,” he revealed.
A taskforce has been set up to facilitate single-window investments while online investment facilities have been improved.
In addition, a front office desk has been set up to expedite the approval process.
“The front office will accept the proposals of investors who wish to invest in the country and the relevant offices are responsible for the preparation of the BOIs,” he added.
Minister Ranatunga said the new initiatives are being implemented with the objective of providing independent and transparent evaluation of all investments in the country as well as boosting FDIs in accordance with President Gotabaya Rajapaksa’s ‘Visions of Prosperity and Splendour’.
(FT)