Sri Lanka has moved to increase foreign direct investment (FDI) flows following the launch of a new programme aimed at streamlining customs procedures to boost trade.
In late May the Board of Investment signed a memorandum of understanding with six government agencies to develop the National Single Window (NSW), an online one-stop shop for investor applications and certification processes.
The signatories were the Department of Registrar of Companies, the Department of Inland Revenue, the Central Environment Authority, the Colombo Municipal Council, the Urban Development Authority and Sri Lanka Customs.
The six agencies comprise the first phase of the Single Window Investment Facilitation Taskforce (SWIFT), a specialist body established by the Development Strategies and International Trade Ministry to expedite investment approvals. In its second phase, due to roll out next year, SWIFT will implement the NSW and incorporate 19 more state agencies into the system.
The creation of the NSW is expected to substantially simplify the foreign investment process, which formerly required investors to obtain in-person approval for projects from all relevant agencies, involving up to 14 permits in some cases.
The NSW will also be boosted by companion platform the Trade Information Portal (TIP), expected to be launched in the second half of the year. With instant access to close to 800 regulatory documents, including laws, prohibitions, standards and procedures, the TIP should improve transparency and reduce errors, allowing traders to find all relevant regulatory information on a single digital platform.
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