BOI overhaul puts investor approvals online, transparent and real-time

From left: BOI Director General Renuka Weerakone, Treasury Secretary Dr. Harshana Suriyapperuma and BOI Chairman Arjuna Herath officially launch BOI Gateway 

PIC BY PRADEEP PATHIRANA

By Nishel Fernando and Rukaiya Riza

Sri Lanka yesterday saw the launch of a fully digital investment platform as part of a major push to cut red tape and transform the Board of Investment (BOI) into a genuine one-stop shop for the investors.

Unveiling ‘BOI Gateway’, Treasury Secretary Dr. Harshana Suriyapperuma said the system directly addresses the need for more efficient investor interaction, which he identified as a critical factor in attracting capital beyond tax advantages.

The platform allows the investors to track their applications in real time, view the next steps, identify the officials handling their files and communicate directly with the BOI. 

“Instead of sending several emails or writing multiple times, we are showing the cutting-edge position that we have achieved,” Dr. Suriyapperuma said.

He added that the initiative is part of a broader national strategy to accelerate the National Single Window process, Unique Digital Identity programme and a national social registry.

“The legislative framework needs to be finalised to give the strength to the BOI to make those decisions quickly,” Dr. Suriyapperuma said, referring to the upcoming amendments to the Economic Transformation Act.

BOI Chairman Arjuna Herath noted the new platform covers the entire investment approval process, from submission to evaluation and agreement signing. 

“The system will be completely digitalised, transparent and it will also allow us to monitor and follow up on this process,” he said.

He also pointed to new coordination mechanisms, including an Investor Facilitation Coordination Committee chaired by the treasury secretary, which brings together agencies to resolve bottlenecks, while more complex issues can be escalated to the Economic Management Committee chaired by the president.

Reflecting similar sentiments, BOI Director-General Renuka Weerakone called BOI Gateway a “historic moment for Sri Lanka’s investment landscape”, describing it as a fundamental break from the manual, paper-based era. 

“The previous system was time-consuming, costly and often presented challenges in tracking and transparency. But today, everything changes,” she said.

Developed in-house by the BOI’s IT Department, BOI Gateway reduces paperwork, speeds up approvals and provides real-time visibility for investors, officers and management. According to the BOI, the new system fosters greater trust, accountability and confidence in Sri Lanka as an investment destination.