Sri Lanka tourism attracts over US$ 950 m in new investments despite pandemic
The government of Sri Lanka has earned US$ 950 million in investments to revive the country’s tourism industry during the last 15 months.
The Sri Lanka Tourism Development Authority (SLTDA) has reportedly stated that 64 project proposals had been received and 38 projects among them amounting to the value of US$ 102.38 million had also received approval.
While these projects will be carried out under the purview of the SLTDA, the investor interest in Sri Lanka is indicative of the massive potential inherent to the local tourism sector.
SLTDA has put in place many measures to ensure a faster and more convenient process for all investors.
“This new era of strategic investment is like nothing the country has seen before and is set to launch Sri Lanka’s tourism sector into a brave new future. We have taken great care to streamline the investment process, so it is more in line with what international investors expect. This includes a master document which merges the requirements of all government agencies into a single easy to use application for investors,” Sri Lanka Tourism Chairperson Kimarli Fernando has been quoted as saying in the local media.
SLTDA has also established an Investment Relations Unit (IRU) to expedite the approval of all tourism investments, which is aimed at providing greater clarity on regulatory issues, allowing investors to form a direct partnership with the administrative body.
OSL take:
Sri Lanka’s tourism industry was one of the fastest growing economic sectors in the country when it was hit by the Covid 19 pandemic and the global travel restrictions. However, since re-opening the country’s borders earlier this year, Sri Lanka’s tourism industry has been recording a steady increase in tourist arrivals. Sri Lanka is considered a safe destination in post Covid travel after the country’s airports received the internationally recognised safety and hygiene certification. With Sri Lanka promoting new tourism concepts among international markets, the country’s tourism industry has shown an expansion in business/investment opportunities. Sri Lanka’s Board of Investment has recorded many foreign investment inflows to Sri Lanka’s tourism industry. Since the island is also building itself as a business destination in the South Asian region, foreign businesses/investors could explore the growing opportunities in Sri Lanka’s tourism industry.
| Article Code : | VBS/AT/13082021/Z_5 |