New investment and exports framework out next month

The Government plans to roll out a new investment and export framework by January with fresh policies to be implemented by the Board of Investment (BOI) and Export Development Board (EDB), a top minister said yesterday. 

Both State-run institutions are slated to become implementing arms of a revamped and more wide ranging policy and strategy body consisting of proven performers from both private and public sectors, stressed Development Strategy and International Trade Minister Malik Samarawickrama.

Minister Samarawickrama was addressing a capacity building session titled ‘Unleashing Human Potential for Boosting Organisational Performance’ for senior staff of both BoI and EDB, which fall under the portfolio. 

“We are starting on a new journey. The government is going to accelerate economic projects and the main driving forces are the BoI and EDB. We are in the process of forming a new agency for development and an agency for international trade, which will have both government and private sector personnel’s participation,” he told the gathering. 

The minister pledged that the earmarked personnel will be picked based on their proven track record. However the implementing of their projects and proposals will be done through the BoI and EDB.

“We are looking at improving our rankings in the [Ease of] Doing Business Index so when investors come, they can be looked after well and their needs addresses in a very short time. I do not want to go into details at this stage. We are discussing details and they will be ready sometime in January 2016. But I can say that there are many important development programs coming, and the success of these programs will depend on the quality of senior officials in charge of them. The success of these programs ultimately depend on you all,” he added. 

Politicians who are given these tasks come up with the main concept but they depend on public officials for successful implementation, he said.

“Their success depends on how you perform and your performance depends on your capacities. Programs such as today’s one ensure that you have the right mindset. Successful countries such as Singapore and Malaysia set about their success in the same way. We are very happy to have experienced staff both in BoI and EDB in this new journey.”

Prime Minister Ranil Wickremesinghe in his economic policy speech of November 5 in Parliament announced new economic reforms as well as changes to the EDB and BoI. The proposals are expected to improve foreign direct investment inflow to Sri Lanka, which has been lagging behind despite the end of the war nearly seven years ago.