Sri Lanka to receive US$ 10 million Korean grant to develop the tourism industry
Sri Lanka’s Government Information Department has said that Sri Lanka will receive a US$ 10.96 million grant from Korea to develop the tourism industry in the country.
Korean Ambassador to Sri Lanka Heon Lee has been quoted in the media as saying the grant will be provided in 2020.
The Government Information Department statement has noted that US$ 5.6 million will be used to develop a community-friendly tourist village in Etanwala in the Matale District while the remaining US$ 5.36 million will be allocated for the Kuchchaveli Tourism Zone.
The Ambassador has been further quoted as saying that many high-level Korean businessmen are willing to invest in Sri Lanka with the improvement of the country’s security situation.
According to Ambassador Lee, Korean tourists would like to return to Sri Lanka due to improved safety, although visitor numbers had fallen following the Easter Sunday attacks last year.
Korean tourist arrivals to Sri Lanka have recorded a decline of 22.6 percent to 12,195 holidaymakers in 2019.
OSL take:
Sri Lanka’s tourism industry is on a continuous growth path and is one of the fast growing economic sectors in the country. Tourist arrivals to the country are on a continuous growth path as well, which in turn has resulted in the expansion of business/investment opportunities in Sri Lanka’s tourism industry. Sri Lanka continues to make it to the top as a must visit destination in lists of travel destinations compiled by renowned travel publications. Foreign businesses/investors could therefore explore business opportunities in Sri Lanka’s tourism industry.
| Article Code : | VBS/AT/20200122/Z_7 |