Sri Lanka investment chief says paperless trade reduces bribery

COLOMBO (EconomyNext) – Electronic commerce or paperless trade transactions recently introduced by Sri Lanka help to reduce corruption, the head of the investment promotion agency has said.

Upul Jayasuriya , chairman of the Board of Investment of Sri Lanka, said he favoured use of paperless operations by introducing advanced information technology into the work process.

Paperless operations contribute to the reduction of irregular payments and malpractices which exist today, he told a forum where more export companies were given the BOI’s ‘Green Channel’ facility.

The mechanism gives companies registered with the BOI special facilities such as priority in documentation and exemption from examination of selected cargo, a statement said.

In 2014 a total number of 24 Green Channel facility holders were selected after evaluation of criteria such as domestic value addition, accurate documentation, environment protection licenses, timely payment of pension dues, employee welfare and health and safety.

The BOI said 108 enterprises have been awarded the Green Channel facility since 2006.

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