ECONOMY

Investment scheme check is outsourced

investment-scheme-check-is-outsourced

A new bill meant to offer investors incentives will provide for independent experts to assess, monitor and approve investment plans that are submitted for inclusion under the new law.

If the bill is ratified, investment proposals will need to use the National Register of Certified Surveyors, whose members will also be responsible for monitoring whether the subsidized enterprises are meeting their obligations.

By outsourcing the assessment of applications to independent surveyors, the Economy Ministry is hoping to disengage its competent directorate from the process, following accusations of corruption in the past. This would also allow the process of approving investment to be free from the influence exerted in the past by civil servants or employers.

Still, the final recommendation to the economy minister will come from the Register Management and Process Monitoring Committee, whose members will also include ministry officials.

The decision to introduce a new system comes in response to pressure from the European Commission, as has the operation of the State Subsidy Data System, which records and monitors all state subsidies.