Thursday Nov 07, 2024
FT
Thursday Nov 07, 2024
Saturday, 2 December 2023 00:09 - - {{hitsCtrl.values.hits}}
The Chamber of Construction Industry of Sri Lanka held the launch of Build Sri Lanka Housing and Construction International Expo 2024 at the Hotel Galadari (California Grill) in a fitting event on 29 November.
The Build SL 2024 Expo is due to be held from 10 to 12 May at the BMICH, Sirimavo Bandaranaike Convention Centre.
Plaques of appreciation were presented to all the sponsors of the last Expo. In addition, pledges of support for the forthcoming Expo were made by the sponsors who have already decided by handing over the sponsorship cheques to the President CCI.
CCI President Archt. Jayantha Perera in his speech noted that the success of the construction industry is a culmination of the successes of its stakeholders. That is the architects, engineers, other related professionals, the contractors, the producers, and the suppliers of related products and material needed for the construction of buildings and other constructions.
“We need to support each other to achieve success in our industry. In today’s context it is absolutely required to be together if we are to sustain our industry which is facing a serious crisis due to many reasons beyond our control.”
CCI CEO/Secretary General Eng. Nissanka N Wijeratne stated that the Build SL launch is held in a backdrop of rather dull construction performance during the last 2½ years. But the industry is hopeful that there will be positive developments in future. In the Budget 2024 presented in Parliament Rs. 240.8 billion in local funds and Rs. 323.7 billion in foreign funds have been allocated for construction related projects. But with a budget deficit of Rs. 2,851 billion and impractical expectation of a revenue target of Rs. 4,127 billion which is 45% over 2023 revenue, it is unlikely that the Government will be able to meet the above capital expenditure as happened in 2023. But the positive signs are the reduction in bank interest rates, low inflation and removing import restrictions. These can result in certain private investments in construction projects.
The event was a rendezvous for industry professionals, practitioners, manufactures and suppliers to meet each other and exchange their view points in the fellowship that followed.
