The Government says the Board of Investment (BOI) will be restructured within a month.
Justice Minister Wijeyadasa Rajapakshe said the BOI must be shut as it has failed to meet its expectations.
The Minister expressed this view at the Economic Summit held in Colombo.
“It (the BOI) is a barrier for economic development in this country,” the Minister said.
State Minister of International Trade Sujeewa Senasinghe under whose Ministry the BOI operates said that the BOI has now become more of a regulator than a facilitator.
Senasinghe said that the Government is now trying to restructure the BOI so that it can be a friendly facilitator for the future.
“We are trying to give them teeth as well. BOI has been a bit of a dormant institution for a long time,” the State Minister added.
Senasinghe said that the Government expects a restructured BOI to be in place in one month.