CIOB prepares roadmap for construction

Monday, 2 January 2023 00:00 - - {{hitsCtrl.values.hits}}

CIOB arranged a roundtable discussion at Galadari Hotel Colombo with all its stakeholders to prepare a roadmap for the construction industry.

The purpose of the roundtable discussion was to discuss how to successfully maintain the construction industry in 2023 in the face of the current economic crisis.

The participants representing Chamber of Construction Industry, Institute of Engineers, Institute of Quantity Surveyors, National Construction Association, Plywood Association, Small & Medium Industries Association and the USAID joined the three-hour discussion. CIOB initiated this conference at a time where Sri Lanka is undergoing a serious economic crisis and the construction industry has come to a standstill.

The topics discussed included the following: Stoppage of Government projects, non-settlement of dues to contractors, volatile relationship between banks and industry stakeholders, high material cost/non-availability and supplier concerns, high financial cost, clients’ fear of construction due to uncertainty, funding agencies getting discouraged to invest and support Sri Lankan construction, lack of FDI projects, inactive regulatory bodies, national bankruptcy, development of an infrastructure fund, seeking soft loans from donor agencies, high interest and exchange rate.

Based on the discussion, CIOB plans to formulate a roadmap for the year 2023 with proposals, plans, and strategies with a view to hand it over to the President of Sri Lanka, Central Bank and the donor agencies to restart a sustainable construction industry.

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