Thursday, February 13, 2025

Time taken to approve projects will be slashed drastically – President

Investors need not wait ‘donkey’s years’

by damith
February 2, 2025 1:18 am 0 comment 865 views

By Lalin Fernandopulle

Investors having to wait for ‘donkey’s years’ to get approval for projects from several state institutions is ridiculous, President Anura Kumara Dissanayake told guests at the 24th Economic Summit organised by the Ceylon Chamber of Commerce in Colombo last week.

“Approval for projects have to be sought from around 80 state bodies at times and by the time the project is approved it has taken about two to two-and-a-half years which no investor would tolerate,” the President said.

There has been much hype over the years to make the Board of Investments (BoI), the state body responsible for promotion of investments to the country, a one-stop-shop, streamlining the approval process for projects to minimise the time taken to get projects off the ground.

“Our plan is to reduce the time for approval from state bodies including the BOI to around two weeks which will encourage investors to park their hard earned money in viable ventures in the country,” the President said.

He said it is a shame that around 90 percent of the export income comes from around 10 exporters. This trend has to be reversed with more exporters contributing to the turnover.

The Government announced a bold initiative to increase Sri Lanka’s export revenue to $36 billion by 2030, in line with its policy of “A Thriving Nation – A Beautiful Life.”

The President also referred to the bulk of the contribution made by the Western Province to the economy, accounting for around 34 percent of the total contribution to the GDP while the other Provinces’ contribution has been insignificant. “We have to get all other Provinces to come on board soon making a noteworthy contribution to the economy. We have to get the regions to play a salient role in the economy for which there will be greater attention in the 2025 Budget,” the President said while inviting the business community particularly those in the Western Province to open up opportunities in the regions in line with the Government’s policy of inclusive development. Referring to the inefficiency of the private sector driven plantation sector the President said even after 32 years of management, plantation companies are unable to pat a daily wage of Rs. 1,700 to the workers who help sustain the industry, the economy and the companies. Chairman Ceylon Chamber of Commerce Duminda Hulangamuwa said that after two years of economic contraction in 2022 and 2023, the economy is striving for a period of accelerated growth. With the conclusion of debt restructuring and the Presidential elections, it is crucial to set the foundation for a decade of sustainable and inclusive economic growth starting this year. Conducted under the theme Shaping Sri Lanka’s Future: Transformational Growth Rooted in Sound Economic Policies, the two-day ‘Economic Summit’ concluded on January 29.

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