By: Staff Writer
Colombo (LNW):Sri Lanka’s construction sector was badly hit by the current economic crisis exploring the possibility of finding overseas building construction contracts in a bigway.
There are ample opportunities abroad. For this, the Ceylon Institute of Builders (CIOB) has requested the EDB to communicate with the Central Bank and facilitate cross border guarantees and capital expenditure.
There are ample opportunities abroad. For this, the CIOB has requested the EDB to communicate with the Central Bank and facilitate cross border guarantees and capital expenditure.
CIOB has also requested that our overseas embassies should find opportunities in their respective countries and help Sri Lankans to gain work. Appointing a business attaché for this purpose may be necessary.
Sri Lanka faces the unemployment of 650,000 direct workers (many being from the poorest classes of society) and copious small, medium and large contractors to face bankruptcy, which includes over 4000 SME sector contractors and about 50 major contractors have reached standstill.
CIOB has also requested that our overseas embassies should find opportunities in their respective countries and help Sri Lankans to gain work. Appointing a business attaché for this purpose may be necessary.
Sri Lanka faces the unemployment of 650,000 direct workers (many being from the poorest classes of society) and copious small, medium and large contractors to face bankruptcy, which includes over 4000 SME sector contractors and about 50 major contractors have reached standstill.
Sri Lanka’s construction sector is in a deep crisis as contractors are in owed 150 billion rupees in arrears on work carried out for the state, head of National Construction Association of Sri Lanka (NCASL) said amid slowing business in construction after the country’s economic crisis.
Sri Lanka has temporarily halted imports of building materials in its latest list of over 300 items from August 23 until further notice.
Some industrial machinery including metalworking machinery, packing machines and ball bearings have are in the list.
“Even though many projects were started during the previous government, due to not being able to complete the payments, the whole construction industry is in a great financial crisis,”Susantha Liyanaarachchi told reporters
The crisis is mainly because of unsettled due payments by the government to construction contractors amounting up to 150 billion rupees, he said.
Sri Lanka’s construction sector was badly hit by the current economic crisis exploring the possibility of finding overseas building construction contracts in a bigway.
There are ample opportunities abroad. For this, the CIOB has requested the EDB to communicate with the Central Bank and facilitate cross border guarantees and capital expenditure.
CIOB has also requested that our overseas embassies should find opportunities in their respective countries and help Sri Lankans to gain work. Appointing a business attaché for this purpose may be necessary.
Sri Lanka faces the unemployment of 650,000 direct workers (many being from the poorest classes of society) and copious small, medium and large contractors to face bankruptcy, which includes over 4000 SME sector contractors and about 50 major contractors have reached standstill.Chairman and Reviving of Construction Industry.
