Sri Lanka’s Board of Investment to set up online approval system for investment proposals in 2018
Sri Lanka’s Board of Investment (BOI, which is the country’s investment promotion agency, is reportedly planning to set up a system to generate online approvals for investment proposals received by the authority.
“We are in the process of setting up effective virtual one-stop shop for investment approvals for which we are getting World Bank support,” BOI chairman Dumindra Ratnayaka has been quoted as saying in the local media.
“It’s going to be totally web-based and virtual,” he has reportedly told a forum on new initiatives by the BOI organized by the Board and Council for Business with Britain.
The Chairman has noted that once the system is set up, an investor will be able to submit one application which goes through 24 line agencies which will process it and approve it unless it needs other approvals like environmental impact assessments.
“In the initial phase we are looking at a few agencies that will expand into 24,” Ratnayaka has said.
“The BOI will sign agreements with all 24 agencies.”
The new system is expected to come on line in the first half of 2018.
Creating an online approval system for investment proposals by the Board of Investment I in Sri Lanka would increase the ease of doing business in the country for interested investors. Foreign investors interested in investing in the country could then easily inquire and get the required approvals for projects at the click of a button. It would increase investment opportunities in the country at a cost efficient manner for the investor. Sri Lanka would then improve its standing as the ideal business destination in the South Asian region.
|Article Code :||VBS/AT/14122017/Z_3|