The Maldives have huge construction projects funded by a multitude of countries and agencies which could be availed of by Sri Lankan companies, said President, SME and Entrepreneur Federation of Maldives (SEFM), Abdul Latheef. He was speaking at a seminar organised by the Sri Lanka High Commission in Maldives and the Sri Lanka Export Development Board (EDB) for Sri Lankan construction services companies to interact with the SME and Entrepreneur Federation of Maldives (SEFM), Maldives Contractors’ Association and to learn about market entry possibilities, procedures and regulations applicable to foreign investments, including joint ventures in civil construction, MEP and engineering services.
He said that there are infrastructure projects which are underway under the Exim Bank financing initiatives and activities provided by other countries (India/China) and sub contract opportunities that have been created which could be availed by Sri Lankan companies.
He underlined the criteria and experience that is needed while providing a general outline of prospects in other areas such as MEP, architectural and engineering design, consultancy and building construction.
Latheef highlighted the guidelines associated with doing business in Maldives with the current trade policy and emphasised the importance of having reciprocal benefit arrangements for businesses to be healthy.
Vice President of Maldives Contractors’ Association, Mohamed Mamdooh, said that even though only few key companies are involved in businesses currently, there are lots of opportunities for Sri Lanka.
Managing Director of Sanken Overseas, Ranjith Gunatillake said that Maldives is a reliable country for Sri Lankans to invest in and get reciprocal benefits. “The Maldivian authorities have opened their arms for Sri Lankan companies to do business with them.”
The Central Bank of Sri Lanka has removed restrictions imposed in terms of bank guarantees and performance guarantees to encourage Sri Lankan companies to invest in the Maldives and other key countries.
Group CEO of Sierra Constructions, Priyantha Perera said during the recent past a large number of Sri Lankan contractors were involved in projects in Maldives i.e water supply, sewerage, communication and road development. With the current situation the EDB is pushing hard for local companies to identify and establish business overseas.
Sri Lankan companies are engaged in the international markets particularly in the SAARC region and the African region.
“It is believed that Sri Lankan companies, and the Maldivian contractors could play in a competitive environment and can make a big impact in the industry among the major players such as India and China, as sub contractors.
Perera said that Sri Lankan small scale contractors could move to the Maldives since there are a lot of opportunities for SMEs. i.e. plumbing and electrical sector than the major contractors.
The High Commissioner of Sri Lanka to the Maldives, A.M.J Sadiq, said the fact that Sri Lanka is highly impacted on cost of air fare, trade and services due to lack of double taxation avoidance agreement.