Faster investment approvals for tourism projects

• Tourism Development Authority and Department of Coast Conservation and Coastal Resources Management sign key MoU
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The Sri Lanka Tourism Development Authority (SLTDA) and the Department of Coast Conservation and Coastal Resources Management (DCCCRM) marked a significant milestone when the two institutions signed a memorandum of understanding (MoU) to enhance cooperation between the two agencies, and to reduce time and costs for investors, both foreign and domestic, by streamlining the SLTDA and DCCCRM investment approval processes.

The signing took place at a formal ceremony last week with SLTDA Chairman Johanne Jayaratne and DCCCRM Director General Prabath Chandrakeerthi formalising the agreement on behalf of the two institutions.

This key initiative was facilitated by the USAID-SAIL project, which is working closely with both SLTDA and DCCCRM to support the development of the agreement and the streamlining of the overall investment approval process to improve efficiency and reduce the time and costs for investors to obtain approval for their projects.

The Investor Relations Unit (IRU) of the SLTDA, which has been in operation since 2010, has been working closely with the USAID SAIL project for the past 24 months to streamline processes undertaken by SLTDA and other line agencies crucial to any project. Since its inception, the unit has so far approved 402 tourism projects at a value of $ 3,135 million. 

“Foreign direct investments to elevate tourism infrastructure in Sri Lanka play a vital role in developing the industry as a whole. To this end, SLTDA is committed to position Sri Lanka as an attractive business proposition for potential investors. As of 2018, we have achieved investments worth $ 2,995 million. Our target over the next five years is approximately $ 6,005 million. 

“The ease of doing business in Sri Lanka is critical in achieving these targets. A holistic approach and seamless interfacing between Government organisations form the backbone of this exercise. It gives me great pleasure to witness the signing of MOUs of this nature, which showcases the commitment of Government entities in making this mission a success,” said Jayaratne while speaking at the event.  The DCCCRM holds the purview of all developments within the coastal zone where a considerable amount of tourism development takes place. 

The collaboration, which was strengthened with this MoU, will serve to provide an efficient, effective and hassle-free investment facilitation process within the coastal belt. 

Speaking at the event, DCCCRM Director-General Chandrakeerthi stated: “We are looking forward to working hand-in-hand with SLTDA to offer an investor-friendly service based on the new coastal management plan and are keen on extending maximum support for the streamlining process to further enhance the approval process for projects within the coastal zone.”