B.O.I outlines new structure to promote investment

B.O.I outlines new structure to promote investment

B.O.I outlines new structure to promote investment

Written by Tharushan Fernando

01 Feb, 2017 | 8:53 pm

The Board of Investment in a communique says that a new structure to promote investment will be in place by March 2017.

At a meeting held to address issues concerning investors from the European Union, Minister of Development Strategies and International Trade, Malik Samarawickrama had said that a single window for investment would be established where investors would be able to obtain approval for their projects in Sri Lanka within two weeks.

The press release by BOI also says that by March 2017 there would be a new structure that would focus on investment promotion. It is unclear whether the ‘new structure’ mentioned in the communique is linked to the so called ‘Agency for Development’.

Incidentally the BOI media release also notes that Managing Director for the agency for economic development Managala Yapa was also present during the meeting with the EU delegation..

The Development Special Provisions Bill which carried provisions to set up this agency was defeated in seven provincial councils over concerns that it may weaken the power of provincial councils.

The Development (Special Provisions) Draft Bill is to be presented in Parliament this month with amendments.

The discussion between the BOI and the European Delegation also focused on resolving issues the impact investments such as lease of lands, owenership of property and the possibility of awarding a five year visa for investors and foreign nationals residing in Sri Lanka.

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