Cutting red tape, simplifying processors to foster economic growth
Cutting red tape, procedure simplification, and establishing sector-specific zones for investment are the focus areas of the Ministry of Industries to support the government’s initiative to enhance the economy.
In this regard, an investor facilitation committee is slated to make the process simplified for potential investors, a top official said. “It takes 269 working days to allocate land for long lease to potential investors. The investor needs to visit 11 institutions for land allocation. We have proposed simplifying this process and identified only 22 days for allocation of such land,” J. M. Tilaka Jayasundara, Secretary, Ministry of Industry and Entrepreneurship Development said. Speaking at this week’s Ceylon Chamber of Commerce-organised Sri Lanka Economic Summit’s breakout session on driving growth in value-added export and manufacturing, she said the ministry has proposed to launch specifically identified sector-specific zones for investment. She also mentioned that now it takes 62 days to allocate lands. “There is a proposal to reduce this number of days.”
Speaking to The Sunday Times Business on the sidelines of the event, Ms. Jayasundara said the identified sectors for the specific zones will be the automobile manufacturing sector, gem, and jewellery, pharmaceutical manufacturing, rubber manufacturing, ornamental fish, exporting agricultural food, and boat building. Currently, the total land allocated for all the investment zones in the country stands at 0.01 per cent. The plan is to increase it to 1 per cent, Ms. Jayasundara said.
She also pointed out that now it takes 116 working days for an investor to get an environmental impact assessment certification. “We are proposing 102 days for this procedure.” She noted that this can be done through process simplification, digitalisation, and system development.
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