Sri Lanka’s BOI plans online investment approvals

ECONOMYNEXT – Sri Lanka’s investment promotion agency, the Board of Investment  (BOI) is planning to set up a system for online approvals of investment proposals, its chief said.

“We are in the process of setting up effective virtual one-stop shop for investment approvals for which we are getting World Bank support,” BOI chairman Dumindra Ratnayaka said.

“It’s going to be totally web-based and virtual,” he told a forum on new initiatives by the BOI held by the investment promotion agency and Council for Business with Britain.

When the system is set up, an investor will be able to submit one application which goes through 24 line agencies which will process it and approve it unless it needs other approvals like environmental impact assessments.

“In the initial phase we are looking at a few agencies that will expand into 24,” Ratnayaka said. “The BOI will sign agreements with all 24 agencies.”

The new system  is expected to come on line in the first half of 2018.
(COLOMBO, December 11, 2017)
 

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