President of the Ceylon Institute of Builders (CIoB) Dr. Rohan Karunarathna said that China International Contractors Association (CHINCA) has a stake in 40% of construction projects in Sri Lanka.
“In the next three years CHINCA wants to increase their stake in the Sri Lankan construction industry to 70% of total projects. This can be detrimental to our local firms. As a result, the Construction Chamber of Sri Lanka has signed an MoU with CHINCA to share all their projects here with Lankan construction firms so that the risk is mitigated. We have also moved a cabinet paper-all such projects by foreign firms from any country should have a Sri Lankan partner from now on,” he said.
Dr. Karunarathna was speaking at the opening of the seventh construction industry exhibition titled “Construction Expo 2018” at the BMICH in Colombo today.
Over 240 local and international vendors, including 20 Indian companies and 30 Chinese firms are displaying a wide spectrum of construction products, services and information for the local construction sector.
A China Liaoning –Sri Lanka Business Forum was also held on the sidelines of the expo opening.
Liaoning Province Commerce Department Section Chief Qyu Wanliang addressing the Forum said that Sri Lanka is an important partner in China’s One Belt One Road (OBOR) and an important trade partner of China.
“Liaoning-Sri Lanka total trade in the first five months of this year was US $51 Million. Liaoning Province believes it has opportunities to partner with Sri Lanka’s economy which is growing steadily,” he said.
Minister of Industry and Commerce Rishad Bathiudeen declared open the exhibition. (Colombo Gazette)