Reduced red tape, more facilitation needed to boost investment in SL
Sri Lanka needs to make a targeted effort to cut bureaucracy and facilitate investment, according to a corporate lawyer.
“There are things such as the Board of Investment (BOI) Act which needs to be revisited in order to help facilitate foreign investment," Kuvera de Zoysa, P.C. and National Law Conference Committee Chairman told the Business Times on the sidelines of the media conference to launch this year's National Law Conference (NLC).
He said that there’s a huge delay in approval processes for projects which discourage investors. “The background should be cleared for the investors,” he added.
He also said that certain tariffs need to be reconsidered for industries such as BPO (Business Process Outsourcing) in a bid to attract potential investors.
He added that NLC is an opportunity for judges, legal academics, practicing lawyers, corporate lawyers, corporate personalities, investors, decision makers and opinion leaders from across the nation to meet and discuss current and topical issues, which affect the economic, legal and broader community today. “Industry specialists from various sectors across the island and professionals from individual industries will be given the opportunity to engage in lengthy discussions and debates with lawyers and legal practitioners who are focused on issues pertaining to the relevant industry; the framework of law versus the industry reality prevalent in the present economic context," Mr. de Zoysa said. He said that at each session of the NLC, an industry expert and several key panelists will be invited to be a part of the distinguished panel of speakers. The aim of the NLC is to encourage all individuals involved in a particular industry, be it professionals, entrepreneurs, legal entities, etc. to work synchronously for the mutual benefit and growth of the relevant industry, he said. This initiative will provide individuals from various sectors an opportunity to exchange information and discuss and negotiate possible solutions to issues pertaining in the relevant sector. Subsequently, as a conclusion to all discussions and sessions, the NLC will release a White Paper illustrating in detail the problems and recommended solutions for each topic debated at length at the conference.
Delegates from different economic, political and legal sectors in the island will have an opportunity to network, exchange views, experiences and possible solutions at this event, Mr. de Zoysa said. The conference will be divided into 10 sessions, each focusing on a key area of law - Maritime, Banking and IT, Insurance and Aviation, and laws governing Capital Markets and International Arbitration.
The NLC will be held on 18th and 19th of March at the Kingsbury Hotel, Colombo.