BOI Chairman clarifies

Board of Investment Chairman Upul Jayasuriya has sent Mirror Business the following clarification over the article titled ‘BOI chief wants consistent policies to lure investments’ appeared on October 5, 2016.
I emphasized that consistent macroeconomic policies, good governance, economic stability, guarantee of property rights, rule of law and absence of corruption are among the key performers in attracting FDI into the country. In this endeavour, I insisted that we are on the right tract.
I was quoting Nimal Sandaratne in an article published in Sunday Times and reiterated the importance of an attractive investment climate.
I insisted that in order to create a conducive investment climate, it is necessary to establish rule of law, an independent judiciary was imperative. I was critical of the manner in which the previous government appointing senior judicial officials of those who cringed and scrounged and fell at the feet of the Executive and sought appointments that they did not deserve, nor were even eligible to hold.
However, I noted with satisfaction, that appointments that have been made since the dawn of democracy in January 2015 with the promulgation of the 19th Amendment, have been perfect and above board - particularly with the establishment of the Constitutional Council.
I criticized the manner in which 35 companies that were vested in the government on basis of the “under-performing act”. This was in violation of the article 157 of the Constitution where investments from countries with which investment protection agreements have been entered into were also taken over.
I said the situation has now changed. However, the damage that was created with such laws is irreparable and indelible.
The special land lease law introduced with a stamp duty of 15 percent was made applicable only to the foreigners. This was another huge drawback but this too has now changed. This again has been changed imposing only 1 percent, which is the same stamp duty applicable on locals as well.
Good governance is on course. However, I insisted that good governance does not apply only to the government; it should apply to the private sector as well. In other countries principles of governance are even legislated. Corruption should be eradicated from the government sector and the private sector both. I quoted an instance from a reported case where the Supreme Court directed the Bribery Commission to charge certain directors of a public quoted company. However, the bribery commission has failed to comply with the directive. Shareholders keep appointing the same directors over and over again. They should be named and shamed.
I also stressed that by virtue of section 17 agreements that are entered into with enterprises BOI becomes the regulating authority for Customs, immigration, exchange control and the Department of Inland Revenue. The BOI becomes the final authority and jurisdiction of the respective organisations in regard to section 17 agreements. In certain instances some of the investors have been harassed by those institutions when in fact the matter should rest with the BOI. I emphasized that the BOI would not hesitate to exercise the statutory powers that are vested with it in order to create a better 
investment climate.