One stop-shop Central Steering Committee takes charge of investment projects

The Sri Lanka government is to set up a one-stop shoptype Central Steering Committee to decide on all critical matters relating to clearances and agreements for upcoming investment projects in the country.

The committee will have over–riding decision-making authority in the process of clearing and approving local and foreign investment projects to ease setting up of the establishment.

This ‘One-Stop-Shop’ for industry specific investments is taking charge of Board of Investment (BOI) functions as well, a senior government official who wished to remain anonymous told the Business Times.

Functioning as a facilitation body for investors to provide a better service members of this committee has been given powers of coordinating with the BOI and the relevant line ministries to facilitate investment projects.

He pointed out, that over the past few years various other ministries passed relevant legislation thereby diluting the powers vested within the BOI. In this respect, approvals for projects left the investors with little choice but to approach the respective ministries and line agencies.

This situation has been rectified now by empowering a Steering Committee to make investment related decisions.

This committee will be able to provide an efficient service to assist investors in obtaining approvals for investment projects in the island, he revealed.

The Cabinet Committee on Economic Management has given its approval to this committee to expedite investment project approvals and its implementations in coordination with relevant ministries local government authorities and other state institutions.

Managing Director (designate) of Sri Lanka's Agency for Development Mangala Yapa is the chairman of the committee.

The other members of the committee are a representative of Sri Lanka's Agency for Development, a nominee or Secretary to the Ministry of Mahaweli Development, a nominee of a Provincial Council and Local Government Ministry, Director General of Central Environmental Authority, a Additional Director General of the Department of National Planning, Commissioner General of Lands, DG BOI, Chairman of Sri Lanka Tourism Development Authority, and a representative from the Ministry of Megapolis and Western Development.