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Asian Tribune is published by World Institute For Asian Studies|Powered by WIAS Vol. 12 No. 2675

Possible end to the conflict attracts foreign investors to Sri Lanka

By Quintus Perera – Asian Tribune

Colombo, 01 June, ( Dr Rohan Karunaratne, Chairman, National Construction Association of Sri Lanka, said that the news the war is over and development work to commence, specially in the construction work, lots of foreign investors, contractors are now in Sri Lanka and in fact there are several foreign business people in this very Hotel.

He was speaking at the press conference at Taj Samudra Hotel to announce the ‘Construct 2009’ Exhibition from 14 – 16 August to be held at BMICH.

He urged Dr Rajitha Senaratne, Minister of Construction Industries who was the Chief Guest at the function, that in Sri Lanka now there are highly competent construction contractors and when assigning major construction projects to accommodate the Sri Lankan construction industrialists, too in such major construction projects.

He said that the Exhibition is to be held for the 19th time consecutively and already 150 companies have booked for stalls in the exhibition venue. There would be a large number of foreign participants too and they expect 270 stall holders at the exhibition.

He said that the government has been helpful to them in reducing the Withholding Tax from 5% to 1% and exempting them from Nation Building Tax for all infrastructure projects.

Dr Senaratne said that the construction industry was growing at the rate of 9% and even during height of conflict the industry was growing at the rate of 5.6%. He said that earlier the construction industry has contributed Rs 280 billion to the economy but last year it was Rs 150 billion. He said that now the war is over the government is embarking on development projects at full swing.

Dr Senaratne acknowledged the prowess of the local constructors and said that they are unparalleled to foreign constructors and are capable of handling major construction projects. He assured the local constructors that they would also get adequate participation in the new construction projects.

- Asian Tribune -

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