Financial Times

Investors want 'One stop shop' concept under the BOI
By Lenin Amarawickrama
Top Sri Lankan investors are urging the government to set up a 'one-stop shop' concept under the BOI to facilitate housing projects to help local and foreign investors.

Bandula Ranaweera, Group Director of Ceylinco Consolidated, said in an interview that housing development projects undertaken by Ceylinco Developers have been obstructed by too many regulations, dragging the implementation of projects for more than one year like their scheme at Piliyandala.

The housing scheme at Piliyandala is similar to Ceylinco's Millennium city township at Athurugiriya. He said the present system is a disincentive for both local and foreign investors, and asked, "who would want to hold onto investments for a long period without returns?"

Citing the Piliyandala project as one example Ranaweera says, "We have employed about 50 professionals and they are waiting until various approvals are given by different local bodies.

If we can go ahead without any obstacle we can provide about 1000 direct or indirect employment opportunities for more than five years. At the moment we are kept in suspense"

"If there is a 'one-stop-shop' under the chairmanship of the Board of Investment, at a regular meeting, all the investment applications can be considered and provided solutions, while the representatives of the local bodies are present," Ranaweera added.

When asked whether officials of local bodies are inefficient, he said, " No they are not inefficient but they are indifferent. They have to change their attitude towards investors."

Ranaweera said that if the 'One-stop-shop' concept could be implemented housing projects worth five billion rupees from the Ceylinco group could go ahead without delay.

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