Indian companies can play a role in Sri Lankan
‘Growing economy impacts construction growth’
The Sri Lankan economy has been growing over eight percent in the
past two years, which has resulted in high growth in the construction
sector Economic Development Minister Basil Rajapaksa said.
Economic Development Minister Basil Rajapaksa with Indian
High Commissioner Ashok K Kantha, Deputy Ministers Lasantha
Alagiyawanna and Nandimithra Ekanayake at a stall.
He said India has achieved a lot in the construction sector and the
Indian companies can play a role in the Sri Lankan market by partnering
with Sri Lankan companies.
Commenting on the India-Sri Lanka Free Trade Agreement, Minister
Rajapaksa said FTA has been helpful in the rapid growth of bilateral
trade and invited the Indian companies to invest in Sri Lanka in sectors
like construction, tourism, education and skill development.
Rajapaksa was speaking at “India Investrade 2012: An exposition and
Buyer Seller Meet on Realty Construction and Construction Materials” at
BMICH, Colombo where he was chief guest. The event was organized by
Indian Chamber of Commerce, Kolkatta from April 26-28. It was organized
with the support of the Ministry of Commerce and Industry, Government of
India and in association with the Ministry of Construction, Engineering
Services, Housing and Common Amenities of Sri Lanka, Federation of
Chambers of Commerce and Industry of Sri Lanka and The National Chamber
of Commerce of Sri Lanka. Fifty Indian companies participated in the
exposition showcasing their profile in building materials, construction
equipment and technologies, electrical and sanitary fittings, flooring
roofing material landscaping, consultancy, property development and
financial service for construction.
The three day event comprised Exhibition, Conference and Buyer-Seller
Meet. The purpose of the event was to promote and facilitate trade and
business engagement in construction and construction material sector,
provide a platform to introduce the Indian entrepreneurs with their Sri
Lankan counterparts and promote the process of business engagement,
exchange of ideas and facilitate G2G, G2B and B2B interaction on various
issues pertaining to the construction industry of both countries.
High Commissioner of India, H.E. Ashok K. Kantha in his address
highlighted the robust trade and investment links between India and Sri
Lanka. He said bilateral trade has increased by over 65 percent last
year to reach close to US$ 5 billion. Indian companies invested close to
US 150 million in Sri Lanka last year.
He said both countries are witnessing a boom in the real estate
segment and construction industry, which provides opportunities for
He noted that in both countries the construction sector is likely to
grow faster over the next five years.
High Commissioner Kantha outlined the opportunities for Indian
companies in Sri Lanka and likewise for Sri Lankan companies in India.
He appreciated the cooperation extended by various agencies of the Sri
Lankan Government and the two Chambers for organizing the event.
In their remarks, the representatives of the two Sri Lankan Chambers
complimented the Indian Chamber of Commerce for taking the initiative to
organize a specialty construction exhibition in Sri Lanka, which they
felt was long overdue.
They expressed hope that both sides would develop synergies for
mutual benefit. They welcomed the Indian companies and extended their
Chambers’ support and cooperation in their ventures in Sri Lanka and
hoped that collaborative partnership between Indian and Sri Lankan
companies will bring down the cost of construction and construction
materials in Sri Lanka.
Minister Basil Rajapaksa and other dignitaries visited all the stalls
of the Indian exhibitors. The inaugural session was attended by over 250
delegates and invitees.