National Business Facility Center to be established
The primary obstacle to initiating local investment lies in the division of approval processes for a single investment function across multiple government entities. As a consequence, it has been identified that there has been continuous delay in functions such as allocation of land for project development, environmental approval and obtaining regulatory permits, obtaining electricity connection,…
The National Business Facility Center, aimed at streamlining investment processes, has been approved by the Cabinet of Ministers. This new institution, to be established under the President Secretariat, will address the current challenge of fragmented approval procedures for various investment functions. These functions include land allocation for project development, environmental approvals, obtaining regulatory permits, electricity connections, water supply, and securing bank financial facilities.
The lack of coordination among government entities has resulted in significant delays and difficulties for investors, discouraging them from starting businesses in the area. By centralizing these processes, the National Business Facility Center will create a more investment-friendly environment, optimize policies within the industry sector, and eliminate administrative obstacles that currently hinder investment.
Written by urgent.news from The Island Sri Lanka's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
