ID :
136462
Fri, 08/06/2010 - 19:33
Auther :
Shortlink :
https://oananews.org//node/136462
The shortlink copeid
INVESTMENT OPPORTUNITIES ABOUND IN SRI LANKA`S CONSTRUCTION INDUSTRY
By Santhia Panjanadan
KUALA LUMPUR, Aug 6 (Bernama) -- Sri Lanka's construction sector, which is
in dire straits, needs abundant foreign investments to boost the development of
the industry, says its High Commissioner in Malaysia Dr D.D Ranasinghe.
The economy, particularly the construction industry, had been lagging behind
as a result of the 30-year civil war which ended last year.
"The tourism industry was badly hit. Currently we only have about 15,000
hotel rooms available in the country, far short of the 40,000 over rooms we
need.
"Therefore, tourism-related construction projects such as hotels is one of
the sectors where we see a big potential for Malaysian foreign investments," he
said.
Ranasinghe was speaking to Bernama after a press conference to highlight the
International Exposition for the Construction Industry 2010 to be held in Sri
Lanka from Sept 10 to 12.
He said now that the war was over, the country's economic growth was gaining
momentum and Sri Lanka welcomed more foreign invesments.
"We are confident that peace has translated into economic growth and this
confidence will spur development and improve the standards of living," he added.
Ranasinghe urged Malaysian businessmen to tap opportunities in Sri Lanka
which offered attractive incentives and protection.
The construction industry which contributed 7.6 per cent to the country's
Gross Domestic Product in 2009, aimed to increase its contribution to 10 per
cent of GDP this year.
"The Sri Lankan government is really willing to strategise to work together
and banks are willing to lend favourably.
"We have many projects ranging between US$5 millon and US$770 million in the
pipeline for investors to grab," he highlighted.
Ranasinghe said currently investors from India and China were aggressively
taking advantage of the abundant opportunities in Sri Lanka.
Malaysia is the largest foreign investor in Sri Lanka today with several
Malaysian companies like Dialog Telekom Plc, a subsidiary of TM International
Bhd and MTD Construction HeiTech Padu Bhd dominating the scene.
Recently, the Sri Lanka's Board of Investment signed an agreement, worth
US$230 million, with Orizon Renewable Energy Private Ltd, a Malaysian-Bahraini
joint venture, to build a waste to energy plant in the country.
Meanwhile, DNC Asiatic Holdings is set to establish a plant to manufacture
motorcycles in Sri Lanka mainly for export with an investment of US$16 million.
-- BERNAMA
KUALA LUMPUR, Aug 6 (Bernama) -- Sri Lanka's construction sector, which is
in dire straits, needs abundant foreign investments to boost the development of
the industry, says its High Commissioner in Malaysia Dr D.D Ranasinghe.
The economy, particularly the construction industry, had been lagging behind
as a result of the 30-year civil war which ended last year.
"The tourism industry was badly hit. Currently we only have about 15,000
hotel rooms available in the country, far short of the 40,000 over rooms we
need.
"Therefore, tourism-related construction projects such as hotels is one of
the sectors where we see a big potential for Malaysian foreign investments," he
said.
Ranasinghe was speaking to Bernama after a press conference to highlight the
International Exposition for the Construction Industry 2010 to be held in Sri
Lanka from Sept 10 to 12.
He said now that the war was over, the country's economic growth was gaining
momentum and Sri Lanka welcomed more foreign invesments.
"We are confident that peace has translated into economic growth and this
confidence will spur development and improve the standards of living," he added.
Ranasinghe urged Malaysian businessmen to tap opportunities in Sri Lanka
which offered attractive incentives and protection.
The construction industry which contributed 7.6 per cent to the country's
Gross Domestic Product in 2009, aimed to increase its contribution to 10 per
cent of GDP this year.
"The Sri Lankan government is really willing to strategise to work together
and banks are willing to lend favourably.
"We have many projects ranging between US$5 millon and US$770 million in the
pipeline for investors to grab," he highlighted.
Ranasinghe said currently investors from India and China were aggressively
taking advantage of the abundant opportunities in Sri Lanka.
Malaysia is the largest foreign investor in Sri Lanka today with several
Malaysian companies like Dialog Telekom Plc, a subsidiary of TM International
Bhd and MTD Construction HeiTech Padu Bhd dominating the scene.
Recently, the Sri Lanka's Board of Investment signed an agreement, worth
US$230 million, with Orizon Renewable Energy Private Ltd, a Malaysian-Bahraini
joint venture, to build a waste to energy plant in the country.
Meanwhile, DNC Asiatic Holdings is set to establish a plant to manufacture
motorcycles in Sri Lanka mainly for export with an investment of US$16 million.
-- BERNAMA
