The local construction sector is looking for brighter times with the assurance given by President Ranil Wickremesinghe that some of the stalled development projects would commence soon, said President, Ceylon Institute of Builders, Dr. Rohan Karunaratne.
He was speaking at the inaugural session of the ‘Construction Power and Energy Expo 2023’, Sri Lanka’s premier exhibition in the construction, interior products, power and energy-related sectors organized by Lanka Exhibition and Conference Services (Pvt) Ltd (LECS).
The President has instructed them to abandon the projects that are white elephants and to move forward with prospective ones after careful scrutinizing.
“The President said the projects will restart in September 2023 after restructuring of the local debts are done.”
The construction industry in Sri Lanka was contributing 9.6% to the GDP and we had 1.5 million people working for us. We were also one of the fastest growing sectors in the world with a 20%t growing rate a few years back but detrimental effects on the country hampered this progress.”
“However the bright side is we were given a task by the President Wickremesinghe to prepare a road map on how to revamp the construction industry in the country.
It was completed and handed over to the President recently. One major point in the road map was to bring down the bank interest rates. Another was to restart prospective projects that were halted.”
He said the Construction Power and Energy Expo 2023 will stimulate potential local and foreign investors and producers to be part and parcel of the reviving construction industry in Sri Lanka.
EXPO brought together multiple industries under one roof, including power, energy, construction, housing, interior, building materials.
The expo provided visitors with an opportunity to gain valuable insights and knowledge from industry experts through a series of seminars, workshops and panel discussions thus visitors will have the convenience of exploring, comparing and finding the perfect solutions for their projects in one location.