1414/’16
Hon. Bandula Gunawardana,—To ask the Minister of Development Strategies and International Trade,—
(a) Will he inform this House—
(i) of the foreign investments that commenced work within 50 days in 2016, as an arrangement that assures commencing work within 50 days from filling in the applications for foreign investments was introduced as per budget proposal No.199 of 2016;
(ii) of the amount of foreign exchange brought into the country by the foreign companies that commenced businesses in the country within 2016 as a result of the said fresh approach; and
(iii) whether he would submit the list of changes introduced comparatively in introducing the process to facilitate the commencement of projects in Sri Lanka by a foreign investor within 50 days?
(b) If not, why?
Asked Date
2017-08-23
Asked by
Hon. (Dr.) Bandula Gunawardana, M.P.
Ministry
Development Strategies and International Trade
Legislature
Eighth Parliament of the D.S.R. of Sri Lanka
Session
First Session
(a) (i) The Agency for Development has not been established as proposed under item No. 199 of 2016 Budget Speech since its law has still not been enacted.
(ii) Not relevant.
(iii) Although the law establishing AFD has not yet been enacted, the following committees have been established in order to accelerate the approval process for BOI projects to ensure that projects take off the ground within the shortest possible period.
· The Project Screening Committee - PSC - of the BOI immediately screens all investment applications jointly with cross-functional departments to grant approval in an expeditious manner.
· Any projects that need further clearance on operational issues will be referred to a higher level of committee such as Single Window Investment Approval Committee - SWIAC - chaired by the Secretary to the Treasury and Investment Approval Facilitation Committee - IAFC - chaired by the Senior Adviser to the Hon. Prime Minister for a speedy approval.
· Any unresolved major issues will be directed to the Official Committee on Economic Management - OCEM - and the Cabinet Committee on Economic Management(CCEM).
(b) Not relevant.
Answered Date
2017-08-23
Answered by
Hon. Malik Samarawickrama, M.P.
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