Sri Lankan â€˜taskforce’ to speed up investment approvals
ECONOMYNEXT – The Sri Lankan government will set up a ‘Single Window Investment Facilitation Taskforce’ to co-ordinate and speed up approvals for investors.
A proposal by the Development Strategies and International Trade Ministry to set up the task force was approved by the Cabinet of ministers this week.
The task force will cut through red tape and ensure speedy approvals for investors who now have to get 14 different approvals and licences from government institutions, according to the proposal.
It said the new task force was a response to concerns that delays could discourage investors.
Although the Board of Investment is the investment approving agency difficulties in other agencies investors were forced to seek approval from often led to delays, it said.
(COLOMBO, May 10, 2018)