Sri Lanka tourism revenue reaches $ 1.8 billion from January to end November
Xinhua: Income generated by tourism in Sri Lanka from January to the end of November reached $ 1.8 billion which is a 78.3% hike from the same period in 2022, the latest data by the Central Bank of Sri Lanka (CBSL) revealed.
The revenue earned from tourism increased to $ 205.3 million in November 2023 which is over twice the revenue in November 2022, according to the latest data.
Minister of Foreign Affairs Ali Sabry told Parliament on 7 December that the tourist arrivals will spike in 2024 with more airlines coming into the country.
Sri Lanka welcomed 151,496 international tourists in November, the highest monthly number of visitors it received in 2023, official data showed.
Sri Lanka’s cumulative tourist arrivals for the first 11 months of the year stand at 1.27 million, according to the Sri Lanka Tourism Development Authority (SLTDA).
Tourism is one of Sri Lanka’s top foreign revenue generators. In late November, the Government waived visa fees for nationals from China, India, Indonesia, Russia, Thailand, Malaysia, and Japan to boost tourism in the coming season.
OSL take:
Sri Lanka’s tourism industry has once again become the fastest growing industry in the country. The industry has shown an impressive growth after recovering from the impact of the global pandemic and the economic crisis that followed. The steady growth in tourist arrivals to the country have expanded the business/investment opportunities in Sri Lanka’s tourism industry, especially in the leisure and hospitality sectors. There are also opportunities growing in the development of infrastructure and supplementary infrastructure facilities required by the tourism industry to meet the growing demand. The revenue generated by the industry in nine months while on the path to recovery indicates the growing business potential in the industry as well. The business/investment opportunities in the tourism industry are bound to see a further increase given the promotional campaigns being carried out in key tourist source markets and the international media identifying Sri Lanka as a must visit tourist destination. The growth potential has already attracted many international leisure and hospitality brands to enter Sri Lanka’s tourism industry. Given the growth and business potential in Sri Lanka’s tourism industry, foreign businesses/investors could explore the expanding opportunities in the industry. They could also look at partnering with local businesses for further expansion.
| Article Code : | VBS/AT/20231214/Z_2 |