FTZMA pitches ‘no wrong door’ pathway to boost forex earnings with a proposal urging the government to establish a single national platform that would fast-track investment ideas capable of generating or saving foreign currency for Sri Lanka.
FTZMA pitches ‘no wrong door’ pathway to boost forex earnings through BOI initiative
The initiative, presented to the Board of Investment (BOI), aims to reduce bureaucratic delays while creating a streamlined process that helps investors and innovators move viable projects from concept to implementation.
The proposal was submitted by the Free Trade Zone Manufacturers Association (FTZMA) to BOI Chairman Duminda Hulangamuwa and Director General Dr. Sulakshana Jayawardena after receiving unanimous approval from the association’s Executive Committee.
At the centre of the proposal is the creation of a National Facilitation and Activation Window, designed to serve as a single point of contact for investors, businesses, professionals, universities, industry associations and members of the Sri Lankan diaspora.
Under the proposed mechanism, applicants would be able to submit commercially viable projects that can either generate new foreign exchange earnings or reduce the country’s foreign currency outflows. Rather than navigating multiple government agencies, applicants would have one central gateway responsible for coordinating the process.
Although the platform would operate through the Board of Investment (BOI), the FTZMA envisions it as a national facilitation mechanism rather than a BOI-only service. If a proposal falls outside the BOI’s legal mandate, it would be referred to the appropriate government institution while the BOI continues coordinating the case until the applicant receives a definitive response.
Explaining the concept, the association said the system would ensure that worthwhile proposals are not abandoned simply because they were submitted to the wrong institution.
“No idea would die simply because its owner knocked on the wrong door. Under this design, there is no wrong door,” the FTZMA stated.
The association emphasised that the proposed window would not function as another complaints or suggestion desk. Instead, applicants would be expected to present practical and commercially feasible proposals, identify the parties responsible for implementation, demonstrate available private-sector resources and clearly specify the government approvals or policy support required.
According to the FTZMA, the government’s primary role would be to remove regulatory barriers and facilitate implementation rather than directly financing or operating projects.
“The Government does not have to build the activity. It has to open the path, and private energy does the rest,” the association noted.
The proposal also outlines service standards intended to improve efficiency. Every complete application would be assigned a dedicated BOI case officer, with a preliminary decision expected within one month. Straightforward proposals could be processed in only a few days, while more complex initiatives requiring regulatory assessment could proceed through carefully supervised pilot programmes.
Importantly, the FTZMA argues that the success of the initiative should not be measured by the number of meetings held or proposals received. Instead, it believes the key performance indicator should be actual foreign exchange earnings verified through Sri Lanka’s banking system after projects become operational.
The association further noted that the mechanism could be implemented with minimal additional cost to the Treasury by utilising existing government personnel. Investment in approved ventures would come primarily from private-sector participants rather than public funds.
The FTZMA said the proposal has become increasingly important as Sri Lanka prepares for larger external debt repayments after 2028. Since new export-oriented investments require time for approvals, financing, recruitment and market development, the country must begin building future earning capacity well in advance.
“A country that borrowed its way into difficulty cannot borrow its way out. It can only earn its way out, and earning takes lead time,” the association said.
Concluding its proposal, the FTZMA reaffirmed its confidence in Sri Lanka’s economic recovery and pledged to support the implementation of the initiative by providing an initial pipeline of credible investment proposals from its members. It also called on chambers of commerce, universities, professional organisations and diaspora groups to participate in strengthening the country’s long-term foreign exchange earnings and investment ecosystem.