Sri Lanka - Construction Sri Lanka - Infrastructure
Overview
The construction industry contributes nearly 9 percent of Sri Lanka’s GDP, employing around 600,000 workers. The construction sector has grown rapidly over the past nine years in development of high-end residential, commercial space, hotel and resort construction, and infrastructure with the sectors contribution to GDP in 2018 estimated at around 7.5 percent. The annual value of the construction sector is estimated at $3 billion. Many local and international construction companies are active in the industry.
Several large infrastructure projects are under development, including a new Port City on newly reclaimed land within Colombo’s city limits. The April 2019 terrorist attacks likely dented some optimism within the real estate and construction sector, but analysts expect demand to pick up with the economic recovery and low prices may offer opportunities for developers.
Several large infrastructure projects are under development, including a new Port City on newly reclaimed land within Colombo’s city limits. The April 2019 terrorist attacks likely dented some optimism within the real estate and construction sector, but analysts expect demand to pick up with the economic recovery and low prices may offer opportunities for developers.
Leading Sub-Sectors
Equipment sales
Engineering, procurement, and construction
Direct contracting
Engineering, procurement, and construction
Direct contracting
Opportunities
U.S. companies have significant opportunities to sell a range of equipment and technology, ranging from earth-moving equipment and building appliances to heating, ventilation, and air conditioning (HVAC) systems. Buyers are often price sensitive but high-end developments have more leeway to purchase high quality products and services.
Sri Lankan developers also frequently team up with U.S. engineering and design firms, especially for high-end office buildings, luxury apartments, or resorts.
The government also announced the Western Region Megapolis Project that hopes to radically modernize urban infrastructure in and around Colombo utilizing innovative technology (e.g. smart city innovations) to propel it to ‘high income developed nation’ status by 2030. Details on specific projects and tenders will be available on https://megapolis.gov.lk/investment/ as and when the government commences the project in stages.
Sri Lankan developers also frequently team up with U.S. engineering and design firms, especially for high-end office buildings, luxury apartments, or resorts.
The government also announced the Western Region Megapolis Project that hopes to radically modernize urban infrastructure in and around Colombo utilizing innovative technology (e.g. smart city innovations) to propel it to ‘high income developed nation’ status by 2030. Details on specific projects and tenders will be available on https://megapolis.gov.lk/investment/ as and when the government commences the project in stages.
Web Resources
Western Region Megapolis project http://megapolis.gov.lk/
Urban Development Authority http://www.uda.gov.lk/
Sri Lanka Ports Authority http://www.slpa.lk/
Board of Investment of Sri Lanka http://www.investsrilanka.com/
Prepared by our U.S. Embassies abroad. With its network of 108 offices across the United States and in more than 75 countries, the U.S. Commercial Service of the U.S. Department of Commerce utilizes its global presence and international marketing expertise to help U.S. companies sell their products and services worldwide. Locate the U.S. Commercial Service trade specialist in the U.S. nearest you by visiting http://export.gov/usoffices.
Urban Development Authority http://www.uda.gov.lk/
Sri Lanka Ports Authority http://www.slpa.lk/
Board of Investment of Sri Lanka http://www.investsrilanka.com/