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New measures to increase FDI, worker remittances

The Sunday Times, Sri Lanka, 26 September 2021 - Sri Lanka’s Finance Ministry, worried about falling levels of migrant worker remittances and foreign investment, is currently devising a streamlined and integrated mechanism to enhance investments and remittances, Finance Ministry sources said.

Finance Minister Basil Rajapaksa has directed ministry officials at a high level meeting to formulate short and long-term policies in accordance with the new mechanism aimed at enhancing the quality and outreach of the rural remittances’ infrastructure system.

A high official of the ministry told the Business Times that “priority will be given to identify fields attractive for investors and create necessary background with the help of proper communication and strategy to propagate the new plan both here and overseas”.

Investor facilities will be enhanced by implementing programmes towards the ease of getting approval and licenses as well as other public and private infrastructure inputs from relevant state institutions and agencies for investment projects.

Special focus at the meeting was mainly on the developmental impact of foreign remittances; the high transaction costs associated with remittances; and the level of transparency and accountability in the remittance process, especially the informal remittance sector, he disclosed.

The Minister also directed officials to identify the present problems faced by Sri Lankans who are expected to leave the country for overseas jobs and provide prompt solutions alleviating their difficulties.

He emphasised the need of removing any obstacles against Sri Lanka foreign employment aspirants as they have a ready demand in the overseas job market.

Mr. Rajapaksa has instructed the officials to immediately settle the issue of booking seats in relevant flights by seeking the assistance of local and foreign travel agents and airlines.

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Source: https://www.sundaytimes.lk/210926/business-times/new-measures-to-increase-fdi-worker-remittances-456207.html

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