The need of the digitization of public and private institutions in promoting investments in Sri Lanka and establishing a single point for obtaining all necessary approvals for investment promptly has been emphasized.
This was taken into discussion at 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 in Sri Lanka and make its proposals and recommendations.
The Select Committee of Parliament is to study the practical problems and difficulties that have arisen in relation to enhancing the rank in the Ease of Doing Business Index in Sri Lanka and make its proposals and recommendations which met in Parliament last week under the chairmanship of MP Madhura Withanage.
The government has already taken steps to set up a high regulatory powered investment promotion agency (authority) to take up the task of expediting the attraction of foreign direct investment (FDI) in to the country efficiently and expeditiously, State Minister of Finance Shehan Semasinghe disclosed
Special committee appointed by President Ranil Wickremasinghe has already made a recommendation to set up this new agency by bringing the Board of Investment (BOI), the Export Development Board (EDB) and the Sri Lanka Export Credit Insurance Corporation (SLECIC) together onto one platform, he said.
National Enterprise Development Authority (NEDA) and other entities that support exports and investments will also come under the purview of the new agency.
The budget 2023 has allocated Rs 100 million to implement the investment and export sector reforms expeditiously.
Officials representing a number of sectors such as the public and private sectors including the Ceylon Chamber of Commerce, the Colombo Stock Exchange, The National Chamber of Exporters and the Federation of Chambers of Commerce and Industry were present at this special committee held.
Each party informed the committee about their concerns and proposals for the promotion of investment in Sri Lanka and many of the parties present were of the opinion that it is important to digitise public and private institutions and establish one place to get all necessary approvals for investment.
Chair MP Withanage said that proposals have been presented on this regard to the committee previously as well and accordingly he will take measures to have the President and the House informed on this endevour.
The parties present also pointed out the need to restructure the Government institutions to which Withanage mentioned that the views presented by the parties related to each sector as professionals are important. Therefore, he pointed out the need to raise awareness regarding this through the media.
Furthermore, the parties present emphasized that the position of Sri Lanka in the ranking of countries also affects the promotion of investment and the need to come forward in those rankings. The need to develop the size and quality of the country’s market was also discussed here.
