Excon 2009, International Construction Expo to be Held in Sri Lanka at the of October

22nd October 2009, www.dailynews.lk, By Sanjeevi Jayasuriya

The downward trend in the interest rates and low inflation is a boost for many industries, particularly the construction industry where finances play a vital role. The macro economic environment is favourable for trade, investment and tourism and Sri Lanka needs to capitalize on this situation for economic development, said Export Development and International Trade Minister, Prof. G.L. Peiris.

"We need to focus on the service sector where the country has the potential to develop. The construction industry should use modern technology to showcase to the world the inherent potential of the industry. The industry possesses all the capabilities of other countries, but lack capital. We need to address this issue," he said.

The Chamber of Construction Industry Sri Lanka will conduct Sri Lanka's first ever international construction expo 'Excon 2009' from October 30 - November 1 at the Sirimavo Bandaranaike Memorial Exhibition Centre.

"Excon 2009 is designed to enhance the capabilities and the competitiveness of the domestic construction industry with special focus on the SME sector. We strongly advocate sustainable construction industry to achieve grassroot level development," said the Chamber of Construction Industry Sri Lanka Chief Executive Officer/ Secretary General, Dakshitha Thalgodapitiya.

The Chamber has identified the inability to access credit and obtain various bond and guarantees required by the industry as one of the major impediments for this sector to enhance its capacities, he said.

To overcome the non availability of easy access to obtaining bonds and guarantees the Chamber is at present in the process of formulating a conceptual framework of bonds and guarantees scheme where the Chamber envisages to play the role of a surety agent as available in many other developed and developing countries, he said.

The surety agent is essentially independent from the owner, surety and the contractor where it will evaluate the contractors ability to do bonded work and facilitate communication between the contractor and surety underwriting the contract bonds. The Chamber will use Excon 2009 to launch its surety agency with leading insurers in the country, he said.