SL’s FDI approval process streamlines to grant consent in 24 hours

The Ministry of Technology and Investment Promotion has taken measures to streamline the investment approval process by eliminating the heavy paper work and filling of application forms with a view of attracting increased Foreign Direct Investments to the country, a senior official of the ministry said.

Prompt action has been taken to remove obstacles and bureaucratic red tape in obtaining approval for foreign investment projects from the Board of Investment (BOI) and other relevant state institutions, he disclosed.

The FDI application form with several pages to be filled by the prospective foreign investors has been reduced to a single page from 14 pages with immediate effect and the approval will be given within 24 hours if they fulfil necessary requirements, he revealed.

It has been planned to simplify the rules and regulations of the investment approval process to overcome red tape.

The new FDI online approval system has been devised on the directions of Minister Dhammika Perera. (Bandula)