BOI project approvals; do they ever begin? - letter

The Board of Investment has announced a sharp increase in investment approvals in the first eight months of 2007. The newspapers regularly publish photographs of the presentation of signed agreements. Such advertisements could dupe the innocent and the ignorant for political gains but any attempt to dupe the entire nation must be condemned.

The nation must be told when a project commences rather than the granting of approvals to commence a project. The project approval is perhaps an offshoot of much larger concept of laying foundation stones and planting of engraved stone tablets with names of politicians, without commencing the designated work, sometimes for a few years. For about 15 years this practice has been telecasted over all TV channels to dupe the people. And now it is time that the same TV channels telecast for the benefits of the nation the current progress of those foundation laid cum stone tablet planted projects.

The BOI must from January 2008 telecast over TV channels and advertise in newspapers, for the information of the nation, among others, the following -- date of granting approval, operations commencement date, the nature of the products manufactured, quantities manufactured, quantities expected to be exported and the working force employed other than the main office executive management.

In relation to the inflow of foreign direct investments in US dollar terms there is a belief that some foreign investors instead of bringing foreign currency to the country, obtain rupee credit facilities mostly from foreign banks and, adopting dubious methods, repatriate the income and the profit.

Prior to inviting foreigners to invest in our country an opportunity should be provided to local organizations to undertake the proposed projects.

An advertisement in the newspapers should prompt the Sri Lankan organizations to respond. In the East after the government’s successful takeover, foreign investors are bound to get preference over local organizations. Unless capable local organizations are trusted with such investments, the country will be virtually in the hands of international ‘pawnbrokers’, who will provide the capital and in return charge a high rate of interest and also impose stringent restrictions and conditions.

Concerned investor