Sri Lanka’s BOI embraces digitisation to boost efficiency and transparency
Daily FT: The Board of Investment of Sri Lanka (BOI) recently launched a significant step toward digitisation with its Central Verification Division located in Orugodawatte automating key functions including the issuance of gate passes.
The move is expected to streamline operations, minimal human intervention, eliminating the need for paper and enhancing the transparency of the system; marking a major shift in the BOI’s service delivery.
The newly implemented system replaces manual processes that have long governed the collection of import and export document fees, verification charges and the management of export verification procedures.
A key feature of the initiative is the introduction of digitised gate passes embedded with QR codes, which aim to enhance security and efficiency. It also integrates electronic payments facilities and ensures round-the-clock (24-hour) service availability reducing reliance on human resources and achieving significant cost savings.
The implementations of the digitised system will revolutionise how approvals, licences and verifications are granted. Tasks that once involved cumbersome paperwork will now be completed through a seamless digital platform, leveraging digital identification tools. The issuance of digital gate permits, which began yesterday, marks the first step in this transformation.
Established in 1993, the Central Verification Division in Orugodawatte has played a key role in facilitating import and export clearances for industries and services outside investment zones in collaboration with Sri Lanka Customs, However, its reliance on outdated manual systems had become a bottleneck, prompting this digital overhaul.
Speaking at the launch, BOI Chairman Arjuna Herath highlighted the significance of the initiative. “Industries under the purview of BOI contribute to 80% of the country’s industrial export revenue. We are committed to providing all necessary infrastructure facilities for these industries to thrive,” he added.
Herath also noted that the Information Technology Department of the BOI appreciates the introduction of this digital system and intends to utilise new technology for all sectors to enhance the ease of doing business.
BOI Director General Renuka Weerakoon echoed similar sentiments and expressed optimism about the positive impact of the digital transition.
OSL take:
Sri Lanka’s overall economic expansion and the commitment of transforming the country into an e-economy as the country gears to become a hub in the South Asian region, have further expanded the business/investment opportunities in the ICT and digital infrastructure development sectors. With Sri Lanka focusing on further strengthening trade ties with other countries and attracting more foreign investments to the country’s many business/investment opportunities, there are many emerging opportunities in the development of digital platforms in many key economic sectors in Sri Lanka. It is in such a backdrop that Sri Lanka’s BOI has embraced digitization along with the Sri Lankan government’s digitization drive, which in-turn indicates the improving ease of doing business environment in Sri Lanka as well as the emerging business/investment opportunities in the ICT and digital infrastructure development sectors. Given that Sri Lanka is on a development path with the increasing potential of becoming a regional hub, the growing business potential in the ICT and digital infrastructure development sectors present many lucrative business/investment opportunities to foreign businesses/investors on the lookout for opportunities in Sri Lanka.
Article Code : | VBS/AT/20250117/Z_4 |