Courtesy The Daily News

New investment laws to help FDI inflow

Special Overseeing Committee established on President’s advice

The Government has decided to put in place a mechanism of providing investment approvals to foreign investors as soon as they arrive in the country enabling them to fast track the implementation of the project.

Investment Promotion State Minister Dilum Amunugama said a mechanism will soon be introduced to complete the investment  approval process in seven days. The Minister said that this process currently takes days, weeks or sometimes months.

The State Minister made this disclosure while explaining the changes and future plans for investment promotion activities on the occasion of the 45th anniversary of the Board of Investment of Sri Lanka which falls on May 19.

Amunugama said that the Special Overseeing Committee, established on the advice of President Ranil Wickremesinghe to attract investment, has already taken steps to give investment approvals quickly. Accordingly, the work is being done through the committees made up of the executive level officials of the government institutions that need to get approvals to start any foreign investment project.

It has been successful so far, and it will be possible to give approvals in an even more efficient and friendly manner under the new investment law,” he said.

He added that the government is taking steps to prepare a new investment law that is compatible with Sri Lanka’s future needs and global investment laws under the World Bank assistance. A special committee has also been formed for that purpose. A 60% of the work of the special committee that was appointed to clarify how to make amendments to the existing rules and regulations to bring investments quickly has already been completed.