Another committee: Now to screen viable FDIs
A high powered investment committee to channel foreign direct investments (FDI) into the country is to be set up under the aegis of the Prime Minister Ranil Wickremesinghe, a top official source revealed to the Business Times. He said this will be akin to the Singapore Economic Council and will vet FDI proposals before directing them to the Board of Investment). “This is an ‘expert council’,” the official said adding that now the FDI proposals go through many stages and this expert group aims to bring competency into the selection process of the FDI proposals.
They will be planning and executing strategies to boost the quality of the projects and deliver solutions that create value for investors and companies, he said. “This committee strengthened and steered by a competent team of leaders and members who will work together to make sure that the correct decisions are made and realised at every turn,” he said adding that it’ll be lending strategic support to high-growth sectors. Local and foreign investors have raised concerns over the number of new committees being set up while the much-touted Agency for International Trade and Agency for Development are yet to get off the ground.