Sri Lanka is set to launch the National Business Facilitation Centre (NBFC) next week (22 September), as a central mechanism to help businesses and investors resolve issues involving state agencies, as a part of the economic transformation needed to further develop the economy, Senior Additional Secretary to the President Seevali Arukgoda said on Ada Derana Big Focus programme on Tuesday (15).
Arukgoda said: “We are planning to start the NBFC by next week, 22 September as planned, where the Government has determined that the country must undergo an ‘Economic Transformation’ to further develop its economy, entailing the launch of new businesses and investments, based on modern technology to operate efficiently. The facilitation referred to here is, when a local entrepreneur has an issue with a Government agency dealing with initial approvals, providing infrastructure facilities, lands, other utilities, and dealing with permits and approvals, and are unable to be sorted with the relevant agency, they can come to us. We will be able to resolve issues based on the available legal provisions, processes and procedures, to support the local industry and provide opportunities to start a business and then proceed with it so that they can benefit and prosper and support the national economy.”
He further said: “The main objective of NBFC is, we will take over the issue on an individual’s behalf and then talk to the relevant agency and resolve the issue. If by any chance, it is unable to be sorted out or find out a solution due to legal issues or policy issues, then the NBFC has the mandate to escalate it to the National Steering Committee, to recommend to the Government if the changes to the law or policies are required. So if we need to go to that extent, we will not hesitate in going there and finding a solution by changing the policies and law prevalent.”
“To achieve this, it is necessary to evaluate whether the existing state machinery is adequate or requires improvement,” Arukgoda said.
“The proposed decision to launch this initiative was based on a concept proposed by the President and is being implemented under his direct intervention and the supervision of the Secretary to the President,” he said.
Arukgoda further said, “Through the NBFC implementation, the Government can provide the best possible support to achieve the economic transformation the country currently needs. We aim to do our utmost to enable the business community to launch and sustain their businesses without any obstacles, thereby making a significant contribution to the country’s economy.”
Senior Assistant Secretary to the President Dasun Rajapaksha also added: “Furthermore, many investors have lost their motivation due to the processes within the state institutional systems. Therefore, our aim is to transform this entity (NBFC) into a central hub that coordinates with all the various institutions investors have to deal with, resolving any issues they face, while the relevant digital systems are already being developed.”