BOI to use resources on priority investment projects
The BOI announced a new strategy to raise FDI in Sri Lanka to the
desired level of 4 to 5 percent of GDP over the next 3 year period. The
FDI this year is expected to reach the highest ever achieved by the
country and will be1 billion $US. The changes aim to focus the BOI’s
resources on priority investment projects most critical to national
development, thereby accelerating job creation and income growth in all
areas of the country.
The anticipated outcomes are the speedy raising of income levels of
all people of the country in a move to achieve the vision of being the
“The emerging Wonder of Asia”.
“With the end of LTTE terrorism and the dawn of a new era of
opportunity for Sri Lanka, we in the BOI need to take a lead in defining
investment priorities and marketing these to investors, rather than just
responding to proposals only”, said Jayampathi Bandaranayake, Chairman
of the BOI.
“And, once companies are ready to invest, the BOI needs to do
everything possible to get their business started, by intervening
directly on behalf of the investors with the relevant line agencies.”
The core of the new organization structure will be Sector-focused
Investor Relations Teams. These teams (together with special units to
handle high-profile projects and regional initiatives) will cover all
vital sectors of agriculture, manufacturing, services including tourism
and infrastructure. Each team will work with the ministries and agencies
in their sector to develop a joint sector strategy, identify investment
priorities and promote these to target companies. The same teams will
act as relationship managers for all investors in their sector, from
project evaluation to implementation to post-investment aftercare.
In addition, an integrated Investor Solution Centre will be
established to guide investors through the business start-up process.
The Centre will assist investors with all aspects, including access to
land, environmental and construction approvals, as well as legal,
financial and labour requirements, bringing together disparate
departments to better serve investor needs.
The existing industrial Zones of the BOI will transform as model
zones with excellent infrastructure and modern and enlightened practices
of labour relations, with concerns for the environment and
sustainability addressed.
The zone management will be given more independence and
accountability to continuously improve the services that they provide to
investors.
The zone management will also be responsible for developing strategy
for future development of additional zones around Sri Lanka.
To enable better team work and investor interface, the BOI
headquarters at the World Trade Centre will also be reorganized. All
offices will be relocated to a single elevator bank, with dedicated
floors for investors to meet with the Sector Teams and Investor Solution
Centre. This will free up additional floor space which will be put to
productive use.
As a result, the BOI is also expecting to make significant savings on
overhead costs well in excess of Rs 100 million annually. These savings
of public funds will be redirected into more productive uses, such as
improvements in infrastructure, skills development facilitation of youth
to meet the emerging job opportunities, more targeted investor
marketing, sector research, and human resource development of the staff
of the BOI.There will be no compulsory job-cuts as a result of the
reorganization.
The proposed changes have been developed and communicated through an
extensive consultation and awareness building process with all levels,
departments and unions of the BOI. “We are encouraged by the
enthusiastic support that we have received from the vast majority of
staff in the BOI and the unions to have a real opportunity of serving
the country and to bring about the desired change for a better Sri
Lanka” said the Chairman. This communication process will continue as
each phase is implemented over the next three months.
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