Saturday Dec 14, 2024
Saturday Dec 14, 2024
Tuesday, 18 February 2020 00:00 - - {{hitsCtrl.values.hits}}
A timely seminar has been organised by the Chamber of Construction Industry of Sri Lanka, the apex representative body of the construction industry, which will commence at 1.30 p.m on 27 February at the Sri Lanka Foundation Institute at Independence Avenue, Colombo 7.
The construction industry contributes approximately 10% to the GDP and provides direct employment to 650,000 people. In any country, the performance of this industry is often considered the barometer of economic development.
Last year, the construction industry was the first affected by the slowdown of the economy. This situation was aggravated during the Constitutional crisis last October due to non-receipt of payments. When the industry was gradually recovering with payments received, the Easter Sunday attacks happened. Since then the industry is yet to recover and most construction companies have not had their bills settled since last September. The total amount outstanding from Government agencies is over Rs. 100 billion.
It is against this background the Chamber has organised this important seminar. The challenge is to sustain a healthy growth rate whilst identifying and addressing industry woes that act as impediments to the continued domestic development of the construction industry, such as cash flow problems due to delayed payments, lack of sufficient workload, unequal competition from foreign companies, high cost of construction, delays in planning approvals, skills shortage, problems in supply of local materials, corruption in Government procurement to name a few.
Whilst identifying such ills and proposing means to overcome these impediments, this seminar will also give participants insights into the problems associated with the adjudication procedure for expediting the settlement of disputes on construction projects. The methods adopted by other countries to involve the private sector on infrastructure development without having the Government borrow further will also be explored as a solution to ensure rapid economic development, despite financial problems faced by the Government at present.
Finally a unique hitherto lesser-known venture that has been advocated and given a prominent position by the present regime – the promotion of construction services as an export and source of foreign exchange earnings – will be presented as a case study.
All these and more, especially the forward thrust and thinking about this important sector by the present Government, will be freely discussed at this seminar and those involved in the construction sector are encouraged to participate.
For reservations, please contact 011-266 77 00 or email your request to [email protected]. The Chamber of Construction Industry of Sri Lanka offices are located at the Red Cross Building, 8th Floor, No. 106, Anagarika Dharmapala Mw, Colombo 07.
