SLTDA, DCC & CRM sign MOU to fast-track approval processes for tourism projects
Sri Lanka Tourism Development Authority (SLTDA) and the Department of Coast Conservation and Coastal Resources Management (DCC & CRM) recently signed a Memorandum of Understanding (MOU) to enhance their cooperation and reduce time and costs for foreign and domestic investors, by streamlining the SLTDA and DCC & CRM investment approval processes.
The signing took place with SLTDA Chairman Johanne Jayaratne and DCC & CRM Director General Prabath Chandrakeerthi formalising the agreement on behalf of the two institutions.
This key initiative was facilitated by the USAID-SAIL project which is working closely with both SLTDA and the DCC & CRM to support the development of the agreement and the streamlining of the overall investment approval process to improve efficiency and reduce the time and costs for investors to obtain approval for their projects.
The Investor Relations Unit (IRU) of Sri Lanka Tourism Development Authority which has been operational since 2010 has been working closely with the USAID SAIL project for the past 24 months to streamline processes undertaken by SLTDA, and other line agencies crucial to any project. Since its inception, the unit has approved 402 tourism projects with a value of US$3,135 million so far.
“Foreign direct investments to elevate tourism infrastructure in Sri Lanka plays a vital role in developing the industry as a whole. To this end, SLTDA is committed to position
Sri Lanka as an attractive business proposition for potential investors. As of 2018, we have achieved investments worth of US$2,995 million. Our target over the next five years is approximately US$6,005 million. Ease of doing business in Sri Lanka is critical in achieving these targets. A holistic approach and seamless inter facing between government organisations form the backbone of this exercise. It gives me great pleasure to witness the signing of Mous of this nature, which showcase the commitment of the government entities in making this mission a success,” said SLTDA Chairman Johanne Jayaratne.
DCC & CRM has the purview of all the developments within the coastal zone where a considerable amount of tourism developments are taking place. The collaboration which was strengthened with this MOU will serve to provide an efficient, effective and hassle-free investment facilitation process within the coastal belt.