BusinessSri Lanka’s Board of Investment (BOI) will facilitate Foreign Direct Investment (FDI) into the country effectively by establishing an on-line one-stop shop with World Bank assistance by mid next year, BOI Chief Dumindra Ratnayaka said in Colombo. This virtual platform of a ‘one-stop shop' is now being developed to enable investors to obtain all key agency approvals ‘virtually’. This National Single Window will pave the way to establish a system that integrates those agencies dealing with various clearances/approvals in trading across borders, he added. The BOI will attract US$1billion FDI through foreign investment projects and its target for 2020 is $5 billion, he said adding that the approvals mechanism at BOI has been improved to avoid delays – a complaint frequently made many investors. Outlining the investment project proposal appraisal process, he noted that such proposals are submitted to the Single Window Investment Approval Committee (SWIAC) appointed by the Cabinet Committee on Economic Management to evaluate and take a decision on approval.

Source: Sunday Times November 21, 2017 06:00 UTC