The BOI has in place several initiatives to reduce the time taken for approval processes and to resolve investor issues in efficiently, thereby assisting investors to navigate the necessary administrative processes in the shortest possible time. These consist of several high level committees which meet at regular intervals to accommodate investor needs, with the sole purpose of expediting projects.
The Project Screening Committee (PSC):
This committee which consists of cross functional representation of the BOI immediately screens all investment applications jointly across all relevant departments to grant approval in an expeditious manner.
Single Window Investment Approval Committee (SWIAC):
Any projects which needs further clearance on operational issues will be referred to this higher level committee which is chaired by a Senior Advisor to the Hon. Prime Minister.
Investment Approval Facilitation Committee (IAFC):
Matters requiring policy level intervention are referred to this committee chaired by the Secretary to the Treasury, for speedy resolution.
Being the investment facilitator, BOI has taken an initiative to improve service delivery by introducing SWIFT which will act as a facilitation arm of investment approvals process and will provide necessary linkages to the relevant line agencies in order to expedite the project approval process through a function based virtual platform. SWIFT will improve investor awareness regarding the compliances and will guide the investor throughout the approval process.
Once the project is preliminarily approved by the Single Window Investment Approval Committee (SWIAC) and BOI, application will be referred to SWIFT to commence the facilitation process with regard to the line agency approvals. Any issue in respect of the project will be referred to the Investment Approval Facilitation Committee (IAFC) for a solution.
Under this initiative, it has improved the information transparency of regulatory processes and process simplification of the line agencies. Twenty-four of the most important line agencies are linked under one platform with this mechanism and have agreed to follow a phased approach as a strategy to achieve the outcome.