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Sri Lanka tourism industry targets US$ 1.5 billion revenue for 2020

Sri Lanka tourism industry targets US$ 1.5 billion revenue for 2020

Sri Lanka’s tourism industry, which has been badly affected by the Covid-19 pandemic, is expected to generate US$ 1.5 billion revenue for 2020 which is almost 50 percent revenue loss from 2019.
According to reports, Sri Lanka had earned US$ 4.4 billion from tourism in 2018, with revenue up 12 percent on the US$ 3.9 billion of 2017.
Sri Lanka’s tourist arrivals in 2019 had fallen 18 percent from a year earlier to US$ 1.9 million following the Easter Sunday bombings.
President of Hotels Association of Sri Lanka, Sanath Ukwatte has told the local media that the Sri Lankan Tourism sector is expected to fully recover by mid 2021 and would account to around 2.5 million arrivals.
“Globally People are getting used to living with coronavirus. Arrivals will pick up and it would not be difficult for a small country like Sri Lanka to attract 2.5 million arrives next year. Over 39 million people travelled out of China in 2018 and Sri Lanka can attract a huge slice from this and also from Europe.”
He has noted that already booking inquiries are made from China, India and Europe and this is a very positive signal of recovery.
Local media reports quoting Ukwatte has said that one of the biggest plus marketing points for Sri Lanka to woo global travellers were the successful manner in which the Covid-19 pandemic was controlled in Sri Lanka and the travel sector is thankful for the government for this. “The industry must now try to get travellers to stay longer (over a month), especially in resort hotels. With the opening of the airport in August, tourists will start to come back. They are subjected to a pre three day visit PCR test in their country, a second one at the airport and third and fourth PCR test after five and 10 days period in Sri Lanka. In addition the hotels too will regularly check temperature and monitor the guest’s health situation according to guidelines laid by health authorities.”

OSL take:

Sri Lanka’s tourism industry is one of the fastest growing economic sectors in the country with many business/investment opportunities. Sri Lanka has enjoyed the top slot in many globally renowned travel publications as a must visit destination. This has resulted in many leading international brands in the leisure, hospitality and tourism sectors showing interest in Sri Lanka. Also, the expansion of Sri Lanka’s tourism industry will receive a further impetus by the efficiency of Sri Lankan authorities to contain the spread of Covid 19, making Sri Lanka a safe travel destination. Foreign businesses/investors could therefore explore business/investment opportunities in Sri Lanka’s tourism industry.

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Article Code : VBS/AT/20200616/Z_3

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