Tuesday Jan 14, 2025
Tuesday Jan 14, 2025
Thursday, 9 January 2025 00:16 - - {{hitsCtrl.values.hits}}
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Ceylon Institute of Builders President Dr. Rohan Karunaratne
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Sri Lanka’s construction industry, which is the fourth largest industry sector in the country’s economy, with a global value of $ 10 billion and contributing 6-7% to the country’s GDP over the past decade, has submitted a new set of proposals to the Government for implementation by 2025.
The press release issued by Ceylon Institute of Builders (CIOB) President Dr. Rohan Karunaratne on behalf of the Sri Lankan construction industry further states:
Restarting of halted projects: Prioritise completing partially constructed projects that are of national importance, contribute to Sri Lanka’s economic growth, and mitigate potential security or health risks posed by the hazardous nature of unfinished structures to occupants or the general public.
Attracting FDIs and local developments: The current Government is gaining popularity due to its anti-corruption policies, which are highly appealing to foreign direct investors (FDIs). To capitalise on this, organisations like the BOI, foreign embassies, and the EDB should collaborate to attract FDIs to the country. The Government must also address the issue of unfair material pricing by suppliers.
Industry reports indicate a significant reduction in construction costs in Sri Lanka compared to previous years. To further enhance FDI inflows, the project approval process must be streamlined and expedited, as delays have deterred investors in the past. Reviving the BOI’s one-stop-shop initiative will be crucial for this effort, and incorporating online procedures can improve efficiency.
Additionally, it is essential to ensure that at least 40% of foreign-funded government projects are allocated to local contractors, supporting the domestic construction industry.
Fair distribution of work: Available work needs to be distributed in a fair and just manner so that all contractors and the whole industry can benefit.
We thank the Government for considering our request and establishing a separate ministry for the construction industry and appointing a new minister for it. It is also a fact that in the past we have contributed 9.6% to the GDP and we believe that if the above proposals are implemented and the industry is redeveloped, it can easily be increased to 10%.
