Investors no longer need to seek ministerial approval to initiate projects, as proposals can now be directly submitted to agencies such as the Board of Investment (BOI), the Industrial Development Board (IDB), and the Ministry of Industry (MOI). This ensures a fair and transparent system, Deputy Minister of Industry and Entrepreneurship Development Chathuranga Abeysinghe said.
Announcing the revamped investment framework aimed at streamlining the process and reducing bureaucratic hurdles, the Deputy Minister shared the update on Facebook. He emphasised that approaching ministers will no longer grant any special treatment. “The whole investment process can be started by submitting your idea to the relevant agencies. State officials are ready to assist, and bypassing this system will not yield any advantage,” Abeysinghe stated.
One of the main challenges in attracting investment, according to the Deputy Minister, has been the shortage of suitable land. He noted that the previous system, which allowed limited industrial lands to be allocated based on ministerial connections, ended as of September 2024, following the appointment of President Anura Kumara Dissanayake.
Abeysinghe added that in the coming months, the government will make public announcements regarding the availability of developed and newly designated industrial lands. The Ministry of Industry will provide investors with information to guide them in selecting the most suitable government agency for their ventures, whether they are export-oriented or local industries.
The Deputy Minister outlined the appropriate channels for various types of investments:
- BOI: Recommended for large-scale investments and export-oriented industries.
- Ministry of Industry (MOI): Best suited for local industrial initiatives.
- Other agencies: Services for small and medium-scale businesses are available through the National Enterprise Development Authority (NEDA), Small Enterprises Development (SED), the Craft Council for handicrafts, the IDB for industrial products, and the Export Development Board (EDB) for export-focused businesses.
For transparency, Abeysinghe shared an attached BOI investment proposal process and urged investors to report any undue influence, improper suggestions, or delays encountered during the process via email at [email protected].
He also encouraged investors to contact him directly for limited one-on-one discussions regarding their proposals.
