FINANCIAL CHRONICLE™
Dear Reader,

Registration with the Sri Lanka FINANCIAL CHRONICLE™️ would enable you to enjoy an array of other services such as Member Rankings, User Groups, Own Posts & Profile, Exclusive Research, Live Chat Box etc..

All information contained in this forum is subject to Disclaimer Notice published.


Thank You
FINANCIAL CHRONICLE™️
www.srilankachronicle.com


Join the forum, it's quick and easy

FINANCIAL CHRONICLE™
Dear Reader,

Registration with the Sri Lanka FINANCIAL CHRONICLE™️ would enable you to enjoy an array of other services such as Member Rankings, User Groups, Own Posts & Profile, Exclusive Research, Live Chat Box etc..

All information contained in this forum is subject to Disclaimer Notice published.


Thank You
FINANCIAL CHRONICLE™️
www.srilankachronicle.com
FINANCIAL CHRONICLE™
Would you like to react to this message? Create an account in a few clicks or log in to continue.
FINANCIAL CHRONICLE™

Encyclopedia of Latest news, reviews, discussions and analysis of stock market and investment opportunities in Sri Lanka


Submit Post
STOCK MARKET TRAINING
ශ්‍රී ලංකා මූල්‍ය වංශකථාව - සිංහල
Submit Post



Latest topics

» EXPOLANKA HOLDINGS PLC (EXPO.N0000)
by EPS Today at 12:05 am

» Understanding inflation and share prices.
by ADVENTUS Yesterday at 11:40 pm

» Sri Lanka fuel prices after revision
by ChooBoy Yesterday at 9:19 pm

» Watch: Investing in Asia in the New Normal- Nimal Perera speaks too
by ADVENTUS Yesterday at 9:06 pm

» LANKA ALUMINIUM INDUSTRIES PLC (LALU.N0000)
by SAGA Yesterday at 5:29 pm

» Prime Residencies IPO. Over Priced?
by High-flyer Yesterday at 5:21 pm

» Losing GSP+: Petty political revenge or Sri Lanka's economy?
by ColomboCSE Yesterday at 2:50 pm

» Stocks rose across Asian Markets after China & US agree to push forward trade, investment ties
by J-CAT Yesterday at 1:28 pm

» LANKA IOC PLC (LIOC.N0000)
by ADAD Yesterday at 1:14 pm

» Be willing to take action toward your goals every day. You only lose when you give up.
by Asoka Samarakone Yesterday at 10:31 am

» LOLC HOLDINGS PLC (LOLC.N0000)
by SAGA Yesterday at 9:55 am

» Shadow Portfolio of a leading HNWI
by God Father Yesterday at 9:13 am

» Lifting of travel restrictions on Monday 14th to boost investor sentiment at CSE
by ADVENTUS Fri Jun 11, 2021 11:47 pm

» Hayleys Group Bull Run in the CSE Over??
by judecroos Fri Jun 11, 2021 9:47 pm

» Daily Foreign Transactions
by Pradeep90 Fri Jun 11, 2021 8:59 pm

» Daily foreign buying/selling 11-06-21
by SAGA Fri Jun 11, 2021 7:41 pm

» Sri Lanka Investment Forum concludes with over 4,500 participants
by Wickyz Fri Jun 11, 2021 7:41 pm

» Daily Crossings
by SAGA Fri Jun 11, 2021 4:40 pm

» CEYLON TEA BROKERS PLC (CTBL.N0000)
by SAGA Fri Jun 11, 2021 2:52 pm

» PEOPLE'S INSURANCE PLC (PINS.N0000)
by Harry82 Fri Jun 11, 2021 12:33 pm

EXPERT CHRONICLE™

ECONOMIC CHRONICLE

GROSS DOMESTIC PRODUCT (GDP)


CHRONICLE™ YouTube

CHRONICLE™ NEWS PRODUCTS

FINANCIAL CHRONICLE™

Views & Reviews, Analysis, Evaluations, Discussions, Gossip and Hot Tips relating to Sri Lankan companies listed on the Colombo Stock Exchange (CSE)
Contribute




DAILY CHRONICLE™

Latest news and articles published in Newspapers, Websites, Blogs and other online news sites relating to business and investments in Sri Lanka
Contribute



ECONOMIC CHRONICLE™

This is a section that provide news, views, analysis, predications relating to Political and Socio-Economic factors and how such activities affect the Stock Market and other economic activity of the Country.

Contribute




EXPERT CHRONICLE™

This is an exclusive section for Expert Articles which will help member to share knowledge through comments and responses of the members. All members are allowed to reply and make comments to these articles.

Contribute


Submit Post


CHRONICLE™ YouTube

Youtube Videos and other visual presentations relating Stock market and other investment advise submitted by members or other contributors.

Contribute


Submit Post


කොළඔ කොටස් වෙළඳපොළේ වංශකථාව
කොළඔ කොටස් වෙළඳපොළේ ලැයිස්තුගත සමාගම් කොටස් ගැන තොරතුරු¸විශ්ලේෂණ¸සාකච්ඡා¸ කටකතා¸රසකතා යන සියල්ල අපේම සිංහලෙන් කතා කළ හැකි ‘කතා මණ්ඩපය’

Contribute


Submit Post

CHRONICLE ANALYTICS
All Share Index (ASI), S&P, Milanka Price Index (MPI), Moving Averages and all other analytical graphs and charts

Contribute

Twitter Feeds

You are not connected. Please login or register

FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ »  Local construction industry calls to trim foreign presence

Local construction industry calls to trim foreign presence

Go down  Message [Page 1 of 1]

Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics
Sri Lanka’s construction sector professionals recently called to cut down the number of foreign consultants, contractors and labourers employed in mega infrastructure projects taking place in the country, stressing the practice has proved detrimental to the local construction industry.

Terming the mega construction projects which include ports, highways and airports that are being undertaken by the government ‘futuristic’, Chamber of Construction Industry Sri Lanka (CCISL) President Surath Wickramasinghe grieved over the reluctance of authorities to allow local construction sector professionals to get involved in these projects.

According to Wickramasinghe, the CCISL has been appealing on a regular basis to the Treasury to include in their contracts with donor funding organisations a substantial portion of the work to the local construction industry.

“Unfortunately, t his never happens and as a result, most of the infrastructure projects are handled by the foreign counterpart at huge cost to the government. The irony of this matter is that when we check with the donor countries or multilateral development banks, they maintain that it is not their fault but that of the Treasury for not negotiating for the involvement of the local construction industry when funding is sourced for projects,” he noted.

According to Wickramasinghe, the local construction industry today possesses the advanced expertise in both consultancy and in contracting in several sectors such as roads, highway construction, irrigation, high-rise development and urban development projects.

Meanwhile, the CCISL President renewed the industry’s call for an Infrastructure Development Fund similar to the Infrastructure Development Fund in India and many other countries, where international funding institutions have helped to accelerate development of the physical infrastructure in their countries.

“Unfortunately, the Treasury is not thinking out of the box. They are still adopting old models of economic theory, which is ineffective in today’s technologically advanced world,” Wickramasinghe said.

The CCISL proposed the setting up of the fund during the presentations it made for Budget 2012.

The construction sector recorded a growth of 21.6 percent in 2012 compared to 14.2 percent in 2012, recording the highest growth registered by the sector for the past 10 years.

Sri Lanka has completed the construction of a new port in Hambantota, an airport in Mattala, an expressway connecting Colombo and Galle, a container terminal in Colombo, etc. A few more expressways are currently being constructed along with several other landmark commercial constructions in Colombo.

However, almost all of these were funded and constructed employing foreign designers, contractors and labour, mainly from China.

According to the latest Central Bank Annual Report, the private sector contributed to the growth in the sector particularly with hotel and housing construction activities.

The sector contributed to 8.1 percent of the overall GDP and 23.9 percent of the change in GDP growth from 2011 to 2012 becoming the growth driving sub sector in the industry sector.

As per the price index compiled by the Institute of Construction Training and Development (ICTAD), the cost of construction activities had increased by 12.2 percent during the year compared to the increase of 5.4 percent in 2011.
http://www.dailymirror.lk/business/economy/29852-local-construction-industry-calls-to-trim-foreign-presence-.html

Back to top  Message [Page 1 of 1]

Permissions in this forum:
You cannot reply to topics in this forum