BOI’s ‘one-stop-shop’ to provide speedy processes for investors
22 January 2016 06:30 pm
The Board of Investment (BOI) on Thursday launched its latest effort, the ‘one-stop-shop’, to create a hassle-free environment for investors.
With the nation being criticized by investors in the recent past for lengthy processes and delayed approvals, the agency conceptualized the initiative to create a conducive environment for doing business. “The rational behind this initiative is to allow investors to reach us at any given time. Our primary objective is to satisfy our current investors since it is through their experience that the world will know about our processes and way of work. “If we are successful in our endeavours, Sri Lanka will be projected an investor-friendly nation, which in turn will boost confidence,” said BOI Chairman Upul Jayasuriya during the launch event.
According to the BOI Chief, the ‘one-stop-shop’ is set up to allow investors to reach the agency at any given time. Their queries will be addressed within a day via a Management Information System (MIS).
A dedicated relationship manager would be assigned for each investor who will correspond and coordinate with the relevant authorities on their behalf.
The one-stop-shop kicks off with crucial ministries and institutions stationed at the BOI, whereas other relevant agencies will make regular visits to the BOI according to the needs of the investor.
Pointing out that a key role of the government is to increase investment and exports, State Minister International Trade Sujeewa Senasinghe assured the nation would reach its ambition with the number of initiatives his ministry has taken.
The minister shared that through the Agency for Development and Agency for Foreign Trade, efforts are being taken to reduce red tape on instances where certain approvals take years.
“Once a decision is taken it should be implemented in all line ministries as well. We don’t have that comfort at the moment, but we are trying our best to solve those problems,” he said. Senasinghe noted that the ministry is attempting to bring back the glory the EDB and BOI enjoyed about 25 years ago.
“They were responsible in creating brands in Sri Lanka and we want to bring them back on track. This effort is one the measures taken in this regard.”