Sri Lanka Tourism optimistic on entertainment sector foreign direct investments
The Morning: Sri Lanka Tourism is optimistic about giving prominence to the entertainment sector’s foreign direct investments (FDIs) in the future in order to keep the city bustling with tourists which was delayed due to the economic crisis, the Daily Morning Business learnt.
Speaking to the Daily Morning Business, Sri Lanka Tourism Development Authority (SLTDA) Chairman Priantha Fernando stated, “We are working on it (entertainment projects targeted for tourists). Thai delegates who arrived in the country recently were told that they are more than welcome to make investments in entertainment activities. There have been certain other investors who have looked at Sri Lanka, where the entertainment aspect is concerned. Unfortunately, it was the conditions that were prevailing within the country that has held back FDIs coming into the country. But we are quite confident about it in the coming years.”
Moreover, the Thai conference concluded on 8 July, where most of the agents have given assurance that they will be promoting Sri Lanka generously.
According to SLTDA, it is also a part of the hotels and the Destination Management Companies (DMCs) to encourage tourists to stay in Colombo City, while SLTDA is in charge of promoting the country as a whole and its sub-destinations. Colombo’s structure is significantly positioned above the leisure market, budget travelers which would intensify with time.
In addition, Sri Lanka Tourism concentrates on the Indian market. The Indian market has an outbound of around 25 million tourists, out of which 70% is within the region. The country has a potential to get the Indian market to come into Sri Lanka.
The package prices outside of India, are not on the lower side unlike in Sri Lanka even while some claim that the minimum room rates will not be effective, it appears that most locations are promoting these hotels above and over the minimum room charge that has been set.
“There’s nothing much for them to grumble around and try and improve on the yield, their own yield as well as it will contribute towards the economic development of the country,” Fernando explained.
Sri Lanka’s tourism industry, which is on a growth path, is exploring new tourism concepts to attract more foreign travelers to the country. The growing business potential in Sri Lanka’s tourism industry, especially in the leisure and hospitality sectors, could be seen by the interest shown by international leisure and hospitality brands to enter the industry. Even local businesses in the tourism industry are engaged in expansion programmers. The many promotional campaigns and exposure received by Sri Lanka on the international media as a must visit tourist destination have also helped the steady growth of the country’s tourism industry. Foreign businesses/investors could confidently explore the expanding opportunities in Sri Lanka’s tourism industry, especially in the new tourism concepts being promoted.
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