Prime Minister Ranil Wickramasinghe stated that the government has taken steps to reorient state expenditure on government buildings, to channel funds to erect buildings where people can live for 24 hours, opposed to buildings that people will use for only 08 hours to help curtail the severe shortage of houses in the country.
Speaking at the ‘CONSTRUCT’ exhibition organized by the National Construction Association of Sri Lanka (NACSL) at the BMICH today (25), the Prime Minister lauded the construction industry for growing from humble beginnings to one of the most lucrative industry’s in the country today.
He recalled several premier projects such as the Mahaweli development project that was a watershed occurrence in the history of the Lankan construction industry.
He also illustrated how now the industry has transformed into a large scale where high-rise projects and large scale construction is done with ease.
The Prime Minister further stated that unfortunately, due to a decline in exports the government revenue was in constant decline. He also stated that prior to the Yahapalanaya government; the nation could not acquire enough revenue to service the colossal amounts of loans that were taken. He however stated that within two-years the government was able to stabilize the economy elevating it to such a state where the country had enough revenue to service the loans that were taken.
Plans on how the job market within the construction sector would be expanded were discussed. The Prime Minister stated that through the New Inland revenue Bill, several trade adjustments will be made to enable a mass inflow of foreign investment. He stated that nations like Singapore, South Korea and Bangladesh, who were behind Sri Lanka, were able to surpass our economy through continuous expansion. To make the Sri Lankan market internationally competitive he encouraged all workers to aim to expand their operations overseas.