CCI expects private investments in construction to be stronger in 2024

The Chamber of Construction Industry of Sri Lanka (CCI) held the launch of Build SL Housing & Construction International Expo 2024 at Galadari Colombo on 29th November 2023.The event was participated by the President and Council Members of the Chamber, longstanding exhibitors at the previous Build SL Expo’s, last year valued sponsors and industry leaders.

The Build SL 2024 Expo is due to be held on the 10th, 11th, and 12th May at the BMICH, Sirimavo Bandaranaike Convention Centre.

Archt. Jayantha Perera in his speech noted Success of the Construction Industry is a culmination of the successes of its stakeholders. That is the architects, engineers, other related professionals, the contractors, the producers, and the suppliers of related products and material needed for the construction of building and other constructions.

Eng. Nissanka N Wijeratne, CEO/ Secretary General, CCI stated that the Build SL launch is held in a back drop of rather dull construction performance during last 2 ½ years.

“But the industry is hopeful that there will be positive developments in future. In the Budget 2024 presented in Parliament Rs.240.8 billion in local funds and Rs. 323.7 billion in foreign funds have been allocated for construction related projects. But with a budget deficit of Rs. 2851 billion and impractical expectation of a revenue target of Rs.4127 billion which is 45% over 2023 revenue, it is unlikely that Government will be able to meet the above capital expenditure as happened in 2023. But the positive signs are the reduction in bank interest rates, law inflation and removing import restrictions. These can result in certain private investments in construction projects,” he said.