Sept 14, 2018 (LBO) – Sri Lanka will bring in a new legislation for the Single Window Investment Facilitation model, Prime Minister Ranil Wickremesinghe said.
The government, a few months ago established a Single Window Investment Facilitation Task Force (SWIFT) to fast-track investments through a virtual one-stop shop.
Speaking at the Economic Summit 2018, Wickremesinghe said the new model will look at some aspects of the ease of doing business index.
“As far as the bureaucratic structure is concerned, we have done the work but you have to bring it in by the law; an investment law which will include the single window,” he said.
“It will look at some of the aspects of the ease of doing business to identify some of the key departments and boards that are unnecessary and focus on them.”
The concept of the One Stop Shop has been existence for a very long time but has traditionally relied on the presence of officers of other agencies assigned to the BOI One Stop Shop, to help to facilitate projects.
In the current system, all necessary agencies are connected through an online connection which makes it possible to act on a project proposal without the requirement of being physically present at the BOI’s One Stop Shop.
The government expects that the system will contribute towards the country achieving the targeted FDI inflows of 2.1billion US dollars by the end of 2018.