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Lankan construction cost reduce to levels on par with neighbouring countries -CIOB

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Sri Lankan construction cost has reduced to levels on par with its neighbouring countries like Indonesia, Malaysia, India, Vietnam etc. said Chairman, Ceylon Institute of Builders, Dr. Rohan Karunatane.

“It was President Ranil Wickremesinghe 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 etc,” he said.

“Since CIOB has proved that the construction cost in Sri Lanka is now on par with our neighbouring countries namely Malaysia, Indonesia and Bangalore, today Sri Lanka is in a position to attract overseas projects and also foreign investors. This is the best time for the Construction Industry to look for opportunities overseas.”

The Export Development Board (EDB) can now support the ‘Export of the Construction Industry’ by helping us to secure more international orders and bring more Forex to the country. This is because; due to the economic crisis more than 60% of the Construction Industry 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 (CBSL) ruling which restricts cross-border guarantees and capital funding to establish abroad.”

For now, the CBSL is allowing only USD 1 million or cross border guarantees which are severely insufficient and does not even begin to scratch the surface of contractors’ requirements. EDB is also 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 post Lankan construction cost reduce to levels on par with neighbouring countries -CIOB appeared first on DailyNews.

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