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BOI to steps up efforts to enhance Foreign Investment facilitation

The Board of Investment (BOI) is to launch strategic plan soon to secure significantly higher levels of quality and sustainable foreign direct investment (FDI) for Sri Lanka, which would contribute substantially to the Government’s economic development agenda by creating employment opportunities, increasing export revenue and developing infrastructure.

Investment facilitation has been identified as a core stimulator under the overall investment policy, with a view to ensuring an efficient, transparent and predictable business climate, top BOI official said.

In order to streamline the foreign investment project approval process, the BOI has adopted several measures to enhance Investment facilitation including the “Investor Facilitation Centre”, which ecompasses digitalisation of the organisation to handle customs functions more effectively

Investment Promotion State Minister Dilum Amunugama has stepped up efforts to address the concerns of the investors who are seeking approval for investment projects.

This was observed at the conclusion of the second round of the Investor Facilitation Coordinating Committee Meeting chaired by Investment Promotion State Minister Amunugama recently at the Investor Facilitation Centre (IFC).

During the meeting, the issues faced by four BOI companies operating in diverse sectors such as manufacturing (circuit manufacturing) and seafood processing, were tabled and taken into consideration.

State Minister Amunugama directed the officials of pertinent line agencies to expedite the actions to swiftly resolve the pending issues of the investors.

“Meetings of this nature are opportune, which can enhance collaboration and synergy with investors, thereby boosting their confidence to explore new avenues of investment opportunities in Sri Lanka,” he added.

Meanwhile, the investors pointed out the significance of conducting review meetings of this nature to appraise stakeholder projects that are being implemented and to address concerns of the investors.

Speaking at the meeting, BOI Director-General Renuka M. Weerakone appreciated the presence of the officials of line agencies and their efforts to facilitate the investors in doing business in Sri Lanka.

“The very reason behind the idea to establish the IFC is to fast-track approvals with respect to investment projects and offer investors a one-stop shop service while imparting greater transparency in the FDI proposals and removing administrative impediments.

As such, the BOI as the catalyst and facilitator has made a giant leap forward in investor facilitation by setting up the IFC,” Weerakone stated.

These facilitation meetings are regularly conducted to get definite timelines for resolving queries related to investment projects under the chairmanship of the Investment Promotion State Minister and with the attendance of BOI officials, relevant ministry and line agency officials, concerned investors, and other stakeholders.

The first Investor Facilitation Coordinating Committee Meeting was held in January with the participation of relevant officials.

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