Sri Lanka’s Central Bank states that growing tourism industry has attracted many investments in 2018
The Central Bank of Sri Lanka in a report has stated that the country’s growing tourism industry has attracted a lot of investments during the first eight months of 2018.
The report has stated that new hotel proposals have almost doubled during the period.
Out of the 29 hotel projects that were granted approval in the first eight months, 24 have already started, the report has been quoted as stating.
Accordingly, the projects that started will add 878 rooms in total.
The Sri Lanka Tourism Development Authority has reportedly received 100 new hotel project proposals, worth US$ 830 million, for the first eight months, compared to the 53 projects worth US$ 261 million last year.
Tourist arrivals to Sri Lanka have grown by 11.6 percent to 1.7 million in the first nine months of 2018.
Earnings from tourism have reportedly grown by 11.6 percent in the first nine months, compared to the previous year, to reach US$ 3.2 million.
OSL take:
Sri Lanka’s tourism sector has been on a growth path since 2015 thereby resulting in the launching of many development projects targeting the tourism, leisure and hospitality sectors. The increase in tourist arrivals to the country has increased FDIs to the country and is expected to see further growth. Foreign businesses/investors could therefore explore business opportunities in Sri Lanka’s tourism sector.
| Article Code : | VBS/AT/20181109/Z_2 |