Sub-committee to study impediments to investment, decision-making

by Uditha Kumarasinghe

The Economic Development Ministry will appoint a sub-committee to make an assessment of the legislative and regulatory impediments to investment and the speedy decision-making process.

The Cabinet has approved a memorandum submitted by Economic Development Minister Basil Rajapaksa for the establishment of this committee which would be chaired by Senior Advisor to the President and Deputy Finance Minister Dr. Sarath Amunugama, Government sources told the Sunday Observer .

According to the sources, this is a priority, hence the committee should submit its report within three months from the date of appointment, including the findings and proposals on possible remedial measures that may be taken to improve the situation.Once the committee finalises its report, Minister Rajapaksa is to propose to submit the same to the Cabinet sub-committee on Economic Affairs for a comprehensive review and take appropriate decisions in that regard.

“It is observed that economic activities and the associated decision-making process have slowed down substantially consequent to the application of numerous acts and laws which have been passed at the behest of various ministries, Government institutions and provincial authorities aimed at addressing specific concerns affecting them, and frequently without an assessment on the possible consequences on the overall policy framework and the decision-making process relating to investment.It is also apparent that some of these statutory provisions are of little or no relevance in the present context.

In addition, some regulations which have been introduced from time to time have brought in additional complexities,” the sources said. In view of the accelerated development process that is envisaged, it is important to make an urgent assessment to identify such legislative and regulatory impediments to investment.

Deputy Economic Development Minister Lakshman Yapa Abeywardena, Deputy Public Administration Minister Dilan Perera, Deputy Environment Minister Faizer Musthapha and Deputy National Heritage and Cultural Affairs Minister Gunaratne Weerakoon have been appointed as the members of this sub-committee.