Sri Lanka’s investment laws need to be regulated to expedite the present approval procedure for foreign direct investments (FDIs), which are crucial for the country at present, suggests Prime Minister and Minister of Public Administration, Home Affairs, Provincial Councils, and Local Government Dinesh Gunawardena.

He made these remarks during the Parliamentary session yesterday (16), pointing out that the investment procedure takes place at a snail’s pace for the longest period of time. 

“We talk about this (changing investment laws) by every Government (that has come to power). We believe weakening investor enthusiasm and postponement of investments could be changed through such a procedure.”  

The Board of Investments (BOI) of Sri Lanka has declared that due to red tape, an abundance of investments have been delayed. Accordingly, President Ranil Wickremesinghe proposed during the 2024 Budget to amalgamate these institutions in order to facilitate swift decision-making within them.  

Prime Minister Gunawardena stressed that supporting such a venture is crucial and important.

Also, the Cabinet of Ministers approved on 6 November the proposal presented to Parliament by the President – in his capacity as the Minister of Finance, Economic Stabilisation, and National Policies – for the establishment of a new institution by merging the BOI and Export Development Board (EDB) of Sri Lanka, which is to be under the purview of the Presidential Secretariat.