The construction industry in Sri Lanka is showing immense promise. The resolution of the 30-year conflict in 2009 resulted in a stable political environment in the island nation. New investments are flowing into various sectors of economy, such as housing, hotels and commercial building which, in turn, is creating opportunity for the construction industry.
The government has adapted an expansive monetary policy by lowering the interest rates, which helps construction-industry investors obtain more affordable credit facilities, opening even more opportunities for the industry. Simultaneously, the government has extended tax exceptions and reductions on construction materials as per the Board of Investment Sri Lanka (2014), further enabling industries to thrive in the local economy.
Dinidu Atukorala, General Manager, Sales and Marketing, OTIS Elevators (Pvt). Ltd., Sri Lanka, states:
“With a great number of high-rise buildings, including Altair and Grand Hyatt Colombo, the tallest buildings in Sri Lanka being developed, OTIS has the privilege of providing elevators and escalators for these prestigious projects. We intend to be the recognized leader in service excellence among all companies —not just elevator companies —worldwide.”
This is the vision of OTIS, which was founded more than 160 years ago and now offers products and services in more than 200 countries and maintains approximately 1.9 million elevators and escalators worldwide. OTIS is the world market leader in elevators and escalators. Its holding company is United Technologies Corp. of the U.S., a diversified Fortune 500 company providing high-technology products and services to the building and aerospace industries. OTIS elevators have become known for safety, reliability, durability and efficiency as a brand that follows the “green” concept to promote sustainable development.
Many prestigious and landmark buildings in Sri Lanka and the Maldives are served by OTIS elevators and escalators. To name a few, the World Trade Center, the tallest completed building in Sri Lanka; the Parliament building in Sri Jayawardanapura, Bandaranaike International Airport in Katunayake; House of Fashions, a shopping mall in Colombo; Heritance Kandalama, a hotel in Dambulla; Cinnamon Grand, a hotel in Colombo; Insurance Corp. in Colombo; the mixed-use Havelock City development in Colombo and Maldives National University in Malé, Maldives. Proposed landmark building projects have also opted for OTIS vertical-transportation systems. These include the Grand Hyatt Colombo, Altair residential project, Defence Headquarters Complex in Sri Lanka and the TATA Housing project in Malé, Maldives.
OTIS’ flagship product, GeN2-Regen, is the masthead of installations in Sri Lanka and the Maldives. It is geared towards efficiency while providing environmentally responsible features and benefits. Its key components, such as a coated-steel belt, permanent magnet machine and pulse-monitoring system help increase the life, efficiency, safety and reliability of the elevator.
The regenerative drive helps reduce energy consumption up to 70% compared with traditional elevators, making it very cost-effective and durable. In Sri Lanka and the Maldives, OTIS products are sourced from different parts of the world.
Being a pioneer in Sri Lanka, OTIS plans to take part in the first Global Lift and Escalator Expo Exhibition, planned in Sri Lanka in 2017. “We focus on the business-to-business and business-to-consumer markets. Our unique offerings are based on a strategy of sustainable development and competitive pricing,” Atukorala added.