Economic Commission to Overhaul Approval Process

Economic Commission to Overhaul Approval Process: President

by Zulfick Farzan 03-04-2024 | 2:27 PM

COLOMBO (News 1st); Sri Lankan President Ranil Wickremesinghe said that the current strategy is to shift the nation's economic focus from dependency on imports to a dynamic export-oriented model.

Wickremesinghe emphasized the importance of transforming the economy into a highly competitive entity within the next decade to 15 years.

As part of this transformation, Wickremesinghe announced plans to restructure the Board of Investment (BOI) into an economic commission.

This reformation aims to address existing inefficiencies, notably by centralizing approval processes under a single agency.

Under the proposed system, ministerial objections will be considered, but ultimate decisions will rest with the minister overseeing the economic commission.

Furthermore, Wickremesinghe highlighted the need to separate government zones, particularly Biyagama and Katunayake, from the economic commission. These zones, recognized as leaders in the South Asian region, will be managed by a separate government entity to enhance their effectiveness.

The president also alluded to forthcoming agreements with official creditors, which are anticipated to facilitate additional reforms.

Wickremesinghe underscored the government's commitment to attracting competitive investments and fostering a business-friendly environment beyond traditional tax incentives.

In addition, President Wickremesinghe announced plans to replace vocational training centers with vocational colleges. This shift aims to ensure that students experience no loss of dignity when transitioning from traditional schooling to vocational education, ultimately facilitating upward mobility.