• Focus placed on reducing time taken for approval processes 

The Select Committee of Parliament to study the practical problems and difficulties that have arisen in relation to enhancing the rank in the Ease of Doing Business Index in Sri Lanka, and prepare its proposals and recommendations, took into discussion, the future of the Board of Investment of Sri Lanka, its plans, actions, identified difficulties, and its sectors expected to invest. A presentation was done in this regard.

The discussion took place when the said Select Committee met in Parliament on Thursday (26), chaired by parliamentarian Madhura Withanage.

Many officials representing the Board of Investment of Sri Lanka, the Ministry of Investment Promotion, Ministry of Environment, Colombo Port City Economic Commission, Department of Forest Conservation, Ministry of Tourism and Lands, the Central Environmental Authority, Ministry of Justice, and Ministry of Industries were present at the meeting.

Therefore, the practical problems related to the promotion of investments in Sri Lanka were taken into discussion, and the opinions and suggestions of the Investment Promotion Board were examined. Furthermore, there was a discussion regarding the high level of investment in countries such as Vietnam and Malaysia, and the measures to be taken to reach that level in Sri Lanka.

Moreover, the need to properly mine the mineral resources in Sri Lanka and sell them to the foreign market was also discussed.

Furthermore, creating one place to expeditiously obtain external approvals for various parties looking to invest, and reducing the time taken for those approvals were discussed. The committee focused on promoting investments in Sri Lanka by way of establishing good communication between various sectors.

State Minister A. Aravindh Kumar, Members of Parliament Mohomad Muzammil, Sanjeeva Edirimanna, and Kokila Gunawardena were also present at the meeting.