TSUNAMI REPAIRS GROWTH STALLS AS WAR HITS SRI LANKA PAINT INDUSTRY
February 1st, 2007
BY KEITH NOYAHR in ColomboA BOOMING paint and coatings sector in Sri Lanka that grew by 9% in 2006 was set to slow down as building plans are shelved and refurbishment put on hold with new taxes slapped, interest rates jacked up and an 18% inflation rate registered as the country slides back into civil war."One contributory factor for the high growth in the sector last year was the reconstruction and repair necessitated by the December 2004 Asian tsunami," said Gerald De Saram managing director CIC Paints Pvt. Ltd., the market leader in the Sri Lankan coatings ...
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