Sri Lanka will appoint an executive committee to address the issues in the country’s construction industry and to take necessary measures for its revival.

The decision was reached at the meeting of the Construction Industry Revitalization Committee held at the President’s Office on Wednesday (Feb. 15), according to the President’s Media Division.

Construction Industry Revitalization Committee aims to identify and address the issues facing the construction industry in Sri Lanka in light of the current economic crisis.

The meeting was chaired by Senior Advisor to the President on National Security and Chief of Presidential Staff, Sagala Ratnayake, who stressed the need to systematically address the problems facing the construction sector.

This executive committee will comprise representatives from the Office of the President, Finance Ministry, Urban Development Authority (UDA) Sri Lanka Institute of Development Administration (SLIDA), Irrigation Department, Water Supply & Drainage Board, Transport & Highways Ministry as well as stakeholders from the private sector.

At the committee, various problems affecting the industry, such as high bank interest rates, import restrictions and customs duties, and payment mechanisms for government projects were also taken up for discussion.

In particular, Ratnayake highlighted the need for a clear agreement on payment timelines to help streamline the construction sector’s financial operations.

Representatives from the private sector in the construction industry also presented their concerns, and heads of relevant line agencies attended the meeting. Overall, the Construction Industry Revitalization Committee’s efforts are a positive step towards addressing the issues facing the construction industry in Sri Lanka and reviving it during this economic crisis, the PMD said further.