Sunday, January 29, 2023

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Sri Lanka and Maldives to collaborate in the Construction Services sector

Sri Lanka and Maldives are set to establish links in construction services sector exploring possibilities, procedures and regulations applicable to foreign investments, including joint ventures in civil construction, “mechanical, electrical and plumbing.(MEP) and Engineering services.

The Sri Lanka High Commission in Maldives and the Sri Lanka Export Development Board (EDB) jointly organized a virtual meeting for Sri Lankan Construction Services Companies to interact with the SME & Entrepreneur Federation of Maldives (SEFM), Maldives Contractors’ Association to initiate action in this regard.

Mr. Abdul Latheef, President SME & Entrepreneur Federation of Maldives (SEFM) provided a comprehensive overview of the procedures in place, as well as the investment and sub contract prospects in civil construction industry in Maldives.

He highlighted that there are infrastructure projects which are underway under the Exim bank financing initiatives and activities provided by other countries (India/China) and sub contract opportunities that have been created which could be availed by Sri Lankan companies.

He underlined the criteria and experience that is required while providing a general outline of prospects in other areas such as MEP, architectural and engineering design, consultancy and building construction.

Mr. Abdul Latheef, further elaborated the criteria and opportunities available in physical infrastructure development and tourism industry in Maldives and highlighted the guidelines associated with doing business in Maldives with the current trade policy.

He emphasized the importance of having reciprocal benefit arrangements for the businesses to be healthier. The participants are looking forward for an opportunity to physically visit and meet face to face for better relationships.

Engineer Mr. Ranjith Gunatillake, Managing Director of Sanken Overseas said that Maldives is a reliable country for Sri Lankans to invest and get reciprocal benefits. However, Sri Lankan companies are facing difficulties in investing in Maldives due to the restrictions imposed by Sri Lankan government.

Maldivian Authorities have opened their hands for Sri Lankan companies to do business with them and Eng. Gunathillake paid his gratitude for the Maldivian Statutory Authorities for their extended assistance. He further suggested the Sri Lankan statutory authorities to consider taxes and royalties to be reciprocal within SAARC countries for Sri Lankan companies to be benefited. Further, the Central Bank of Sri Lanka to encourage Sri Lankan companies to invest in Maldives and other key countries by removing restrictions imposed in terms of Bank Guarantees and performance Guarantees.

Mr. Priyantha Perera, Group CEO of Sierra Constructions stated that during the recent past large number of Sri Lankan contractors were involved in projects in Maldives i.e water supply, sewerage, communication and road development.

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