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“Local Construction Industry will reach normalcy by 2024”

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Jaikish Tudawe, Kalana Alwis and Ruwan De Silva, President Dr. Rohan Karunaratne, Eng. Saliya Kaluarachchi from CIOB with President Ranil Wickremesinghe
Jaikish Tudawe, Kalana Alwis and Ruwan De Silva, President Dr. Rohan Karunaratne, Eng. Saliya Kaluarachchi from CIOB with President Ranil Wickremesinghe

The local Construction Industry will reach its usual position as a strong GDP contributor and pillar of strength to Sri Lankan economy by the year 2024 said President of Ceylon Institute of Builders (CIOB), Dr Rohan Karunaratne.

He made this observation to President Ranil Wickremesinghe while presenting the “Road Map for Construction Industry 2023/2024” and discussed its implementation. Dr Rohan Karunaratne, thanked the President for taking steps for the rapid recovery of the country and the Construction Industry as well. He further mentioned that the majority of contractor dues had been paid, moratorium loans were provided and creating a task-force for the industry and thanked the President for making such swift decisions.

He alluded that funded agencies may restart projects again by the last quarter and shall be in full effect by 2024. CIOB Vice President Kalana Alwis had noted that banks are still not providing relief to contractors, for which Chief of the Presidential Staff, Sagala Ratnayake noted that it has been discussed with the banks that it would be more suitable to be more lenient towards the construction industry until difficulties subside.

The President made his concerns on the queries raised by CIOB Vice President Jaikish Tudawe and said that the government will be recommencing CEP II (Kadawatha to Mirigama) and CEP III (Pothuhara to Galagedara) including the tunnelling section by the Japanese contractors. Also, he mentioned that UDA’s Affordable Housing Projects will recommence, after rescheduling local and foreign debts is over.

Secretary Eng. Saliya Kaluarachchi and Vice President Ruwan De Silva discussed promoting Construction Industry overseas and getting support from Sri Lankan Embassies overseas to work towards gaining projects and Sagal Ratnayake iterated that cross-border guarantees and support shall be gained for this purpose.

CIOB expresses gratitude for the President’s understanding of the plight of the Construction industry, its unemployment quandaries, how under capacitated material manufacturers are facing steep losses, loss to professionals and their moving overseas and Wickremesinghe noted that all these issues may, to an extent, settle next year. Due to plummeting construction cost CIOB noted that competitive construction cost can be very beneficial for the acquisition of foreign investors, for which the president noted that this is up to the construction Industry to promote the industry for this endeavour and reap resultant benefits. To this end, the President noted that price control of building materials and wastages, efficient project management and labour management should be considered to reduce costs.

The President also promised to look towards implementation of the Construction Industry Roadmap submitted by the Ceylon Institute of Builders.

Friday, June 16, 2023 – 01:00

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