Issues & AdvocacyFederal
Introducing Another Trade Mission!
By Jessica Salmoiraghi, Director, Federal Regulatory Relations & Counsel
After the first successful mission to India, the AIA is working with the US Department of Commerce to follow up on its success! There is a mission going to Chennai, Cochin and Colombo, Sri Lanka in February. If your practice focuses on multi-family, mixed use, and hospitality, then there are opportunities to expand your business into South Asia. The US Department of Commerce is soliciting applications for this mission and they need architectural expertise.
The opportunity is immense. The dynamic growth of the Indian economy, averaging 8% over the past 10 years, has created a pressing need for housing, hotel and infrastructure development and the country requires significant outside expertise to meet its ambitious targets. Additionally, Sri Lanka, after years of internal strife and conflicts, is poised to attract 2.5 million tourist arrivals by 2016 and the industry estimates it will need an additional 40,000 rooms in the next five years to achieve this target. The current Sri Lankan GDP growth over 7% and increasing demand in the infrastructure, hospitality and transport sectors will provide opportunities for U.S companies to expand and grow in these areas. Participants in this trade mission will conduct one-on-one meetings with pre-screened business partners, meet with government officials, enjoy networking events and participate in briefings and site visits.
Chennai possesses a broad need for all building types, but corporate campuses, education, housing, infrastructure, and master-planning efforts are the most active development sectors. The Chennai real estate market has been growing at over 8 per cent a year and there are at least 675 real estate projects underway and 43.5 million square feet of area is awaiting approval for development with the local government. The residential real estate market is expected to register strong growth in 2012, primarily on account of improvement in the information technology (IT) sector, and continued economic growth in the region.
The establishment of several industrial parks such as and other port-based infrastructure has triggered a construction and real estate boom in Cochin. Several new industrial campuses are under construction in the suburbs of the city. Some of the projects that provide opportunity for U.S. firms include: Technopark Phase III, Thiruvananthapuram -27.5 acres / 92 acres notified as SEZ (Special Economic Zone); Technocity, Thiruvananthapuram, Integrated IT township 450 acres; Info park Phase II, Kochi, 160 acres; SEZ /non SEZ land parcels; Smart City, Kochi, 246 Acres ; 8.8 million sq. ft. built up area Cyber Park, Kozhikode, 68 acres of land with 5 million sq. ft. of built up space; and Education city in Mallapuram. Additionally, the SCMS Group, a Kochi-based academic house, plans to develop an academic complex in the Smart City campus with an investment of over $10 million.
Colombo, Sri Lanka
The Urban Development Authority, a state agency, has plans to develop many areas of Colombo for tourism, housing, leisure and entertainment. Several parts of Colombo that are currently occupied by squatters will be reclaimed and they will be provided with alternate housing. A prime location in Colombo close to several five star hotels and adjoining a lake is earmarked for hotels, restaurants, malls, casinos and other leisure activities. A leading local company has developed plans to convert the Colombo Fort area to an entertainment and leisure district and has plans to attract leading international brands and franchises to this major entertainment and shopping hub. A marina with water sports activities is also planned. The UDA is also implementing projects in the south and north central areas of the country as well. The UDA is under the authority of the Ministry of Defense.
Trade Mission Participants will receive:
• Pre-screened one-on-one matchmaking meetings with selected partners and potential clients
• Briefings in each of the three cities to give you the market insights you need to succeed
• Networking events in Chennai, Cochin and Colombo
• Site visits
The deadline for application is December 20th, but applications are being taken on a rolling basis, so it pays to get your application in early.
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