MP Madhura Withanage says new law to streamline business operations by October

MP Madhura Withanage 

• Highlights on comprehensive reforms to foster investment-friendly environment under President’s leadership 
• Calls for efficient, strategic public service management policy instead of administration

Parliament Select Committee Chairman and MP Madhura Withanage highlighted the introduction of a business facilitation law designed to remove barriers for investors, emphasising the need for a strategic public service management policy rather than traditional administration methods to address bureaucratic hurdles.

He said the Government led by President Ranil Wickremesinghe, has embarked on a transformative journey to create an investment-friendly environment in the country. 

 “Through the active guidance and support of the President, Sri Lanka is making significant strides towards attracting investors and fostering economic growth,” he told journalists at the Presidential Media Centre recently.

 Outlining the Government’s initiatives launched with the aim of streamlining business operations and enhancing the Ease of Doing Business Index rank, he said Sri Lanka is currently placed at the 99th position in the Ease of Doing Business Index.

 “The Government recognises the importance of improving its business facilities to appeal to global investors. Thus, specific recommendations, addressing issues between the public and private sectors, and updating legal regulations are vital steps in this endeavour,” he added.

 Acknowledging President Wickremesinghe’s unwavering support, Withanage highlighted the freedom granted to tackle challenges and provide solutions. “A dedicated Presidential Task Force actively contributes to implementing Parliament’s recommendations, focusing on both short-term and long-term solutions,” he added.

 He said the commitment of the Presidential Task Force to comprehensively study and resolve investor challenges indicates a proactive approach by the Government. “With a targeted timeline for implementation by September or October, the country is set to witness a more business-friendly landscape that encourages investment and fosters economic growth,” he added.

 

He said one of the key programs is the establishment of a unified system for company registration, along with a comprehensive data and information system for each company. As per him, this centralised approach aims to enhance efficiency, transparency, and accessibility, creating a conducive atmosphere for investments and economic growth.

 However, for Sri Lanka to achieve its investment goals, MP Withanage insisted the implementation of a business facilitation law is essential. “This legal framework will streamline business processes and expedite operations, facilitating overall progress,” he added.

 He said another crucial aspect is the presence of a comprehensive and accessible data system, aiding potential investors in decision-making. He believes that introducing a centralised land information bank, similar to India’s system, would provide valuable insights into suitable investment opportunities, further enhancing the country’s appeal.

 “To address bureaucratic complexities and avoid delays caused by multiple approvals from government agencies, the Government is now working towards streamlining and centralising the approval process. This unified approach will boost efficiency, transparency, and accountability, making it easier for investors to conduct business,” he pointed out.

 Furthermore, he said efforts to classify institutions under the small and medium-sized enterprises (SME) category will benefit businesses with a turnover of Rs. 750 million to Rs. 1 billion. He said this initiative aims to address concerns for SMEs, promoting their growth and contributions to the economy.

 “A notable recent example in this context is the 2018 project from a world-renowned cable car company based in Europe. They conducted extensive studies and evaluated multiple locations in Sri Lanka before proposing the establishment of a 3.95 km cable car destination connecting Nanu Oya, Kikiliyamanna, and Gregory Lake. Nepal and Dominica received this project simultaneously with Sri Lanka. While we still wait for bureaucratic red tape to be resolved, Nepal has already commenced work on the project, and Dominica approved it within six months,” he explained.

 Thereby, MP Withanage highlighted the need for improved collaboration and communication between government agencies. “Sri Lanka must ensure an investor-friendly legal system and avoid losing valuable investments due to bureaucratic obstacles,” he pointed out.

 He said collective work will enable a more business-friendly landscape that encourages investment, fosters economic growth, and ultimately contributes to the overall development of the country.