Sri Lanka has attracted close to US$ 1 billion investments to tourism industry says Minister
Sri Lanka’s Tourism Minister Prasanna Ranatunga has reportedly stated that the country has attracted nearly US$ 1 billion worth of investment proposals in the past few months to the tourism sector given its future prospects, despite the Covid 19-induced challenges, said yesterday.
Ranatunga, issuing a statement, has noted that during the past 15 months (March 2020 to June 2021), there had been 61 projects proposed in the tourism sector with an envisaged investment of US$ 914 million.
“During the year ending March 2021, there were 54 projects with an envisaged investment of $ 880 million, and between April and June 2021 a further seven projects with an investment of $ 54 million was received,” Ranatunga has been quoted as saying.
The proposals, according to local media reports, included a cable car project, floating restaurants and underwater art galleries.
Of the total 61 proposals, 29 projects with an investment of US$ 184.4 million had been approved by the relevant authorities, the Minister has further noted.
According to Ranatunga, the receipt of seven projects worth US$ 34 million coming in during the third wave of the Covid-19 pandemic had implied investors and companies remained positive about the future prospects of tourism in Sri Lanka. “The remaining proposals are at various stages of the approval process.”
The Sri Lanka Tourism Development Authority (SLTDA) has also established an Investment Liaison Unit (ILA) to expedite the approval of tourism investments. It had been established considering the complexity of the investment approval process and large number of line agencies, the Minister has further noted.
OSL take:
Attracting close to US$ 1 billion in investments to Sri Lanka’s tourism industry is indicative of the expanding business/investment opportunities in Sri Lanka’s tourism industry. While the country is fast becoming a business hub in the South Asian region given it’s geographical positioning in the Indian ocean, Sri Lanka is also focused on diversifying its tourism industry in to new segments including leisure and entertainment. Sri Lanka’s tourism industry was one of the fastest growing economic sectors in the country when the global Covid 19 pandemic brought about global travel restrictions. However, Sri Lanka’s tourism industry is once again on the path to recovery after facing the impact of the pandemic following the re-opening of its borders early this year. Foreign businesses/investors could explore business/investment opportunities in Sri Lanka’s tourism industry.
| Article Code : | VBS/AT/20210625/Z_2 |