Japanese investment group to build US$ 8.4 million boutique hotel in Sri Lanka’s southern coast
Sri Lanka’s state investment promotions agency, the Board of Investment (BOI) has reportedly stated that Wakana (Pvt) Ltd, which is promoted by a Japan based investment group, will build a US$ 8.4 million boutique hotel in the country’s southern city of Ahungalle.
“This recognition happened in spite of the Easter Sunday attacks,” the BOI has stated.
The BOI statement has noted that the hotel will be designed by architect Kengo Kuma using Japanese and Sri Lankan cultural elements.
According to reports, the group already owns Coral Rock by Bansei (Bansei Royal Resorts Hikkaduwa PLC.) and Club Villa Bentota (Bentota Club Villa (Pvt) Ltd.).
The agreement on the investment project was reportedly signed by directors Hiroyuki Ota, Director and T. G. Sunil Wickrama with BOI Director General Mangala Yapa.
The BOI is the state authority that assigns tax concessions and also regulates foreign investments into Sri Lanka.
OSL take:
The agreement signed by the Japan based investment company to construct a luxury boutique hotel in Sri Lanka’s southern coast is indicative of the continuous business/investment potential in the country’s tourism industry. Given the promotional campaigns, attractive offers/deals and proposed visa on arrival facility, Sri Lanka’s tourism industry is expected to record impressive numbers in tourist arrivals to the country. Sri Lanka continues to be Lonely Planet’s destination of the year 2019, which puts Sri Lanka at the top of all tourist destination lists. Therefore, foreign businesses/investors could confidently explore business/investment opportunities in Sri Lanka’s tourism industry. Investing at present would enable these companies receive the benefits of the relief packages as well as other incentives offered to the tourism industry by the government of Sri Lanka.
| Article Code : | VBS/AT/10072019/Z_1 |