2024 Budget unveils transformative plans to boost tourism says Minister
Daily FT: Tourism Minister Harin Fernando hailed the 2024 Budget as a game-changer, positioning tourism as a catalyst for economic development.
With a focus on making Sri Lanka a premier global tourist destination, the Budget has allocated a substantial Rs. 2.3 billion to improve the tourism sector. These allocations were not mere proposals but a well-thought-out execution plan to propel Sri Lanka into a top travel destination,” he told the Daily FT.
Minister Fernando stressed that the President’s vision to attract five million tourists by 2030 hinges on collaborative efforts at the provincial and local levels, urging the enhancement of new attractions and facilities.
“As Sri Lanka sets its sights on a transformative journey in the tourism sector, the 2024 Budget emerges as a catalyst for economic growth, cultural preservation and the elevation of the country as a coveted travel destination on the global stage,” the Minister added.
Delivering the Budget speech President Wickremesinghe who serves as the finance minister outlined the Government’s commitment to implement a comprehensive marketing blitz ‘Visit Sri Lanka’ from 2024 onwards to achieve the ambitious goal of attracting five million tourists annually.
Underscoring the necessity for coordinated efforts among the Government, provincial councils, and local institutions, he also said a substantial provision of Rs. 1 billion was allocated to formulate new tourism law.
“The responsibilities of meeting the basic needs of the tourism sector are assigned to the Provincial Councils. Provincial tourism boards are being strengthened and Rs. 750 million is allocated for the development of related infrastructure. The necessary support is given to the Provincial Councils through the Finance Commission,” Wickremesinghe said.
President Wickremesinghe highlighted the untapped potential in the over 720 State-owned resorts and tourist bungalows. “There are more than 720 Government-owned resorts and tourist bungalows. It can provide around 3,750 rooms. I also propose to prepare a programmed to attract local and foreign tourists by modernizing the Government resorts and using them to promote tourism. I propose to allocate Rs. 600 million for these development activities,” he added.
In addition to these initiatives, the Budget 2024 outlined plans for improving botanical gardens, expanding domestic airports and the creation of new tourism zones in Trincomalee and Pooneryn.
OSL take:
Sri Lanka’s tourism industry is thar is on a steady growth path would be given a further impetus by the 2024 budget. Next year’s budget has allocated a considerable amount of funds for the development of the country’s tourism industry. The ongoing economic activities related to the tourism industry have opened up a host of new business/investment opportunities in the industry, especially in the leisure and hospitality sectors. The growth and business potential in Sri Lanka’s tourism industry has already attracted the attention of many international leisure and hospitality brands to explore opportunities in the industry. Local businesses engaged in tourism are also engaged in expanding operations due to the increasing demand. With Sri Lanka’s tourism industry on a steady growth path with the government of Sri Lanka also focused on further developing the industry through higher financial allocations, foreign businesses/investors could confidently explore the expanding opportunities in the industry.
| Article Code : | VBS/AT/20231114/Z_5 |