Published on: March 14, 2024

President Appoints Expert Committee to Tackle Construction Sector Challenges

President Ranil Wickremesinghe announced that an expert committee would be appointed to investigate and propose solutions for the prevailing economic challenges, particularly within the construction sector. This declaration was made during a discussion held at the Presidential Secretariat yesterday (13), attended by industrialists from the construction sector. President Wickremesinghe emphasized the inclusion of experts from the Ministry of Finance, Ministry of Urban Development, and Housing in this committee formation process. Furthermore, he assured relief for industrialists across various sectors through debt restructuring by the following year.

The discussion also delved into the issues faced by contractors of all scales and parties within the construction field, including the revival of stalled projects, the establishment of an investment-friendly environment, the promotion of construction services, and alternative funding and contracts. Counselling matters were extensively addressed during the session.

Senior Advisor to the President on National Security and Chief of Staff, Sagala Ratnayaka, Governor of the Central Bank Dr. Nandalal Weerasinghe, Secretary of the Ministry of Finance Mahinda Siriwardena, along with other ministry secretaries and representatives from related institutions and the construction industry participated in the discussion.

In another meeting held at the Presidential Secretariat on the same day, President Wickremesinghe discussed the coconut industry with industrialists involved in related products. He emphasized the necessity of enhancing the contribution of coconut production to the national economy, promoting coconut cultivation and associated industries for competitive export. The establishment of the National Chamber of Coconut Industry Sri Lanka was also addressed, with a thorough examination of the issues confronting the coconut industry and the concerns raised by industry stakeholders.

President Wickremesinghe underscored the importance of coordinated efforts to maximize productivity in the coconut industry, utilizing available land efficiently. Secretary to the President Saman Ekanayake, Secretary to the Ministry of Finance Mahinda Siriwardena, along with ministry secretaries, heads, and officials of relevant institutions, participated in this discussion.

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