BOI goes digital to lure FDI and boost business efficiency

0
30

Having realised the significance of jumping on the unstoppable train of Industry 4.0, the Board of Investment (BOI) has set up a paperless documentation platform where any enterprise registered under the BOI can submit relevant documents electronically without coming to the BOI office physically, a BoI statement read.

The objective of this system is to provide a speedy service to valued enterprises where processes and procedures have been simplified and streamlined. The system is open for both local and foreign enterprises who aspire to embark on an investment journey with the BOI. The system comprises six categories. Under the first category, enterprises/Customs House Agents (CHA) can electronically submit import and export Customs Declarations (CUSDECS) along with shipping documents to the BOI computer system (Asycuda Customs Computer System i.e., an integrated customs management system for international trade and transport operations in a modern automated environment.). Here, the physical presence of CHA is eliminated while CUSDECs are approved electronically through the system saving time and cost. The BOI is of the view that the new system has the potential to increase the effectiveness of doing business while identifying new investors and providing value through digital service delivery, the statement read.