A Seminar on ‘The measures to Revive the domestic Construction industry’ organized by the Chamber of Construction industry of Sri Lanka, the apex representative body of the Construction Industry will commence at 1.30 pm on February 27, 2020 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. In any country, the performance of the construction industry is very often considered the barometer of economic development.
Last year due to the slowdown of the economy the Construction Industry was the first affected .This situation got aggravated during the constitutional crisis in last October due to non receipt of any payments by those involved in the construction industry. When the industry gradually recovered with payments received, the bomb attacks happened on Easter Sunday. Since then the industry is yet to recover and most construction companies have not got their bills settled since last September. The total amount outstanding from government agencies is over Rs.100 billion. It is in this background the Chamber has organized this important seminar.
The challenge would be to sustain a healthy growth rate whilst identifying and addressing the industry woes that act as impediments to 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 a participant insights into the problems associated with adjudication procedure for expeditious settlement of disputes on construction projects.
Also amongst the topics, Methods adopted by other countries to involve private sector on infrastructure development without having the government to borrow further will be explored as a solution, to ensure rapid economic development inspite of the financial problem faced by the government at present.
All these and more especially the forward thrust and thinking about this important sector by the present government will be freely discussed at this timely seminar and all those involved in the construction sector are indeed encouraged to participate.
Mre details could be obtained form The Chamber of Construction Industry of Sri Lanka at Red cross Building, Anagarika Dharmapala Mw, Colombo 07.
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