In a quote to even more help with financiers through fast approvals for investment tasks, therefore relieving the ease of operating, the Board of Investment of Sri Lanka (BOI) will be approved more powers in future, Investment Promotion State Minister Dilum Amunugama stated.He stressed that the new powers would see investors being provided more effective clearance processes for relevant tasks, using financiers additional certainty and clarity.The State Minister made these remarks throughout a conversation accepted the BOI trade union agents recently.

It appears that the modus operandi in getting required approvals for financial investment jobs triggers significant hindrances to financiers, which has a significant bearing on the determination and self-confidence of the financiers to continue their company.

Some projects need approvals from 70 institutions, Amunugama highlighted.

In this context, attention has been drawn to leveraging a business model called the plug-and-play design where all clearances and other prerequisites will remain in location before the project is awarded to any financier.

Here, the business companies are not required to focus on the fundamental requirements for establishing an organization as everything is set up by the pertinent authority, which would be the BOI, he explained.

With the brand-new powers in place, the BOI will be geared up to act more independently and effectively and therefore, positive about wooing more financiers to Sri Lana, Amunugama added.Moreover, the State Minister mentioned, In light of the present circumstance in the nation, driving more financial investments and promoting tourist is the need of the hour.

As such, the BOI requires to bend over backwards to make certain that financiers feel comfy and confident in doing company in Sri Lanka, Meanwhile, Convenor of the Joint Trade Union Alliance Mahesh Abegunawardana believed, The hold-ups that are triggered owing to the ineffectiveness of other organizations when granting approvals for jobs, are typically thought about delays of BOI.

This appears with what transpired in the just recently declared open Hanthana International Bird Park where BOI was blamed for not giving approvals on time causing a significant obstacle; nevertheless, there were no delays from our end.

The BOI employees are always tailored to perform their duties with utmost capability and commitment for the improvement of the institution and the country at big, Mr.

Abegunawardana added