Nov 15, 2019 (LBO) - Sri Lanka Tourism Development Authority (SLTDA) and the Department of Coast Conservation & Coastal Resources Management (DCC & CRM) marked a significant milestone when the two institutions signed a memorandum of understanding (MoU) to enhance the cooperation between the two agencies, and to reduce time and costs for investors both foreign and domestic by streamlining the SLTDA and DCC & CRM investment approval processes.
The signing took place at a formal ceremony last week with the Chairman of SLTDA Mr Johanne Jayaratne and Director General of DCC & CRM Mr.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 the DCC & CRM 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 Sri Lanka Tourism Development Authority 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 approved 402 tourism projects with a value of USD 3,135 Mn so far.
“Foreign direct investments to elevate Tourism infrastructure in Sri Lanka plays 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 of USD 2,995 Mn. Our target over the next 5 years is approximately USD 6005 Mn.
Ease of doing business in Sri Lanka is critical in achieving these targets. A holistic approach and seamless inter facing between Government Organizations 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 the Government entities in making this mission a success.” Speaking at the event Chairman of SLTDA Mr. Johanne Jayaratne shared.
Department of Coast Conservation & Coastal Resources Management (DCC & CRM) has the purview of all the developments within the coastal zone where a considerable amount of tourism developments are taking 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 Director-General, DCC & CRM Mr. Prabath Chandrakeerthi stated "We are looking forward to work hand in hand with SLTDA to offer an investor-friendly service based on the new coastal management plan and keen on extending maximum support for the streamlining process to further enhance the approval process for projects within the coastal zone"