New BOI structure
Announces novel plans to boost FDI:
The BOI announced a new strategy to raise FDI in Sri Lanka to the
desired level of four to five percent of GDP over the next three year
period.
The FDI this year is expected to reach the highest ever achieved by
the country and will be well in excess of one billion US dollars, the
BOI said. 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.
Jayampathi Bandaranayake |
The expected 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 the war 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” BOI Chairman Jayampathi Bandaranayake said.
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.
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 additional floor space which will be put to productive
use.
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.
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,” the Chairman said. |