The committee has overriding decision making authority in the process of clearing and approving local and foreign investment projects to ease setting up of the establishment.

This ‘One-Stop-Shop’ for industry specific investments is taking charge of Board of Investment (BOI) functions as well, official sources said.

Functioning as a facilitation body for investors to provide a better service without sending them to posts and pillars the members of the ‘One-Stop-Shop’ Steering Committee has been given powers of coordinating with the BOI and the relevant line ministries to facilitate investment projects.

He pointed out, that over the past few years various other ministries passed relevant legislation thereby diluting the powers vested within the BOI. In this respect, approvals for projects left the investors with little choice but to approach the respective ministries and line agencies.

This situation has been rectified now by empowering a Steering Committee to make investment related decisions.

This committee will be able to provide an efficient service to assist investors in obtaining approvals for investment projects in the island,

The Cabinet Committee on Economic Management has given its approval to this committee to expedite investment project approvals and its implementations in coordination with relevant ministries local government authorities and other sttae institutions.

The Managing Director (designate) of Sri Lanka's Agency for Development Mangala Yapa is the chairman of the committee.