Sri Lanka’s Board of Investment approves $ 8.9 million tourism venture
Daily FT: The Board of Investment (BOI) has granted approval for the latest tourism initiative from the Araliya group, led by prominent businessman Dudley Sirisena last week.
Sirisena took to Facebook to announce that his company is set to expand its leisure and tourism portfolio with the addition of the ‘Araliya Golden Beach Resort’ in Unawatuna, Galle.
An agreement between the Board of Investment (BOI) and the Araliya Group was formalised at the BOI. BOI Chairman Dinesh Weerakkody represented the BOI, and Dudley Sirisena signed the documents on behalf of the Araliya Group. Sirisena said the total investment is estimated at $ 8.9 million.
Sirisena underscored his commitment to bolstering Sri Lanka’s economic growth through an increased focus on the tourism sector. According to him, the primary objective is to facilitate this by not only launching the ‘Araliya Golden Beach Resort’ but also by fostering the creation of new direct and indirect employment opportunities for youth within the country.
The group already owns another luxury hotel in the area, the Araliya Beach Resort and Spa.
OSL take:
Sri Lanka’s tourism industry has become one of the main revenue generators of the country. The steady growth in the tourism industry has opened up a host of new business/investment opportunities in the industry. There is an increase in opportunities in the leisure and hospitality sectors as well as in the development of infrastructure and supplementary infrastructure facilities. The growth and business potential in Sri Lanka’s tourism industry is evident by the many investments entering the industry as well as the interest shown by international leisure and hospitality brands to enter Sri Lanka. With Sri Lanka continuing with promotional campaigns in key tourist source markets and the island being identified as a must visit tourist destination by the international media, there will be a steady growth in the tourism industry in the coming months. Foreign businesses could also look at opportunities in the development of infrastructure and supplementary infrastructure facilities required by the tourism industry to meet the growing demand.
| Article Code : | VBS/AT/20240214/Z_3 |