Lanka to organise its BOI on Pakistani model
Sri Lanka plans to re-organise its Board of Investment, the nation's main investment regulatory agency, based on the high-profile Pakistani model, which has the Prime Minister on its board.business Updated: Nov 06, 2010 13:46 IST
Sri Lanka plans to re-organise its Board of Investment, the nation's main investment regulatory agency, based on the high-profile Pakistani model, which has the Prime Minister on its board.
The government has proposed drastically changing the way the BoI operates, but no details have been disclosed.
The privately-run Lanka News Website, however, reported on Saturday that the Sri Lankan government expected to follow the Pakistan experience.
Unlike the Sri Lankan model, the Pakistani BoI is high profile and includes no less than the Pakistani Prime Minister, the Ministers of Finance, Economic and Industries, among others.
The BoI is the single and main statutory body that promotes foreign investments to Sri Lanka.
BoI has the powers to grant considerable tax breaks to international investors coming to Sri Lanka. 65% of exports and 86% of industrial exports come from BoI companies.
A Pakistan delegation is expected in Sri Lankan shortly to advise Colombo on re-organising the BOI, the report said adding it would essentially mean greater political involvement in guiding the BOI after the November 22 budget will be unveiled by President Mahinda Rajapakse, who is also the finance minister.
First Published: Nov 06, 2010 13:44 IST