With donor-funding commencing to restart stalled projects:

Construction industry poised for 10-14% growth in 2024 – CCISL

by malinga
October 13, 2024 1:10 am 0 comment 1K views

By Fizel Jabir
Nissanka N. Wijeratne

The construction industry in Sri Lanka is poised to post a 10-14% growth in 2024 if the IMF program continues unhindered, CEO, Director General of the Chamber of Construction Industry of Sri Lanka (CCISL) opined at the BuildSL Exhibition launch held in Colombo last Friday.

Wijeratne said the industry went through a bad patch and recorded a negative growth during the last four years – from 2020 until the end of 2023. The silver lining is that from the beginning of this year, the industry had started to grow and during the first quarter of the year, the industry had a 14.2% growth and in the second quarter, the industry recorded a 15.5% growth.

With a new administration taking over by popular choice, donor-funded projects are likely to commence and there will be more work for the industry and hopefully this growth will continue in the next two quarters, he said.

Wijeratne said prior to the election, CCISL as the apex representative body of the industry, they presented a set of policy initiatives that the Chamber hoped would be implemented by the President who was to be elected. It contained 16 policy initiatives to uplift the construction industry and another seven to ensure good governance in general. Wijeratne said this was because improving governance was essential to attract investment because in the next few years, the Government would not be in a position to make such capital investment.

Other than the donor-funded projects, the more positive approach for the industry would be to attract more investments both domestic and foreign, he said.

Wijeratne was speaking at a function held at the German Embassy where the ambassador himself in his speech said that Sri Lanka has to do three things to enable more investments. Firstly, he said corruption must be minimised, the rule of law must be put in operation to be clearly seen by investors and thirdly bureaucratic red tape should be eradicated to make the country’s systems more efficient and that approvals should be given fast.

Meanwhile, CCISL launched its flagship event, BuildSL 2025 Housing & Construction International Exhibition in Colombo. The BuildSL 2025 Expo will be held from May 30 to June 1, 2025 at the BMICH. The print media sponsor of the event is Associated Newspapers of Ceylon Ltd.

(MFJ)

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