Wednesday, February 21, 2024

EDB can support the export of the construction industry to bring more $ into Sri Lanka

by malinga
February 11, 2024 1:08 am 0 comment 92 views

This is the best time for the construction industry to look for opportunities overseas as due to the economic crisis more than 60% of the construction work in Sri Lanka has been halted.

Therefore, many contractors are trying to accrue overseas projects and the main barrier for them is the Central Bank Ruling which restricts cross-border guarantees and capital funding to establish abroad.

For now, the CBSL is permitting only $1m for cross border guarantees which is severely insufficient and does not even begin to scratchthe surface of contractors’ requirements. EDB is supporting the industry to request these limits to be increased. If the government really supports our contractors to establish and accrue foreign projects, we can bring Billions of Dollars within a couple of years.

The Ceylon Institute of Builders (CIOB) has proved that the construction cost in Sri Lanka is now in par with our neighbouring countries such as Malaysia, Indonesia andBangalore. Therefore, Sri Lanka is in a position to attract overseas projects and also foreign investors. It was President Ranil Wickremasinghe who inspired us to do a comprehensive analysis and comparison on the construction cost of Sri Lanka and our neighbouring countries. CIOB successfully achieved this goal, together with architects, engineers, quantity surveyors, contractors, material suppliers.

Thus today, Sri Lankan construction cost has reduced to levels in par with its neighbouring countries (Indonesia, Malaysia, Vietnam etc.) Therefore, we invite EDB to support us in exporting our Construction Industry and bringing in much needed dollars to Sri Lanka.

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