Sri Lanka’s tourism earnings surpass $ 1.5 billion in first quarter
The Morning: Sri Lanka’s earnings from tourism rose to over 1.5 billion US dollars ($) in the first six months of 2024, a 77.9-per cent increase year on year, the Central Bank of Sri Lanka (CBSL) said in its latest reports.
Tourist arrivals in the first half was 1.01 million, up 61.7 percent from the same period in 2023.
Tourism earnings in June hit 113.4 million dollars, compared to 100.3 million dollars one year ago, reports Xinhua.
Meanwhile, workers’ remittances for the first six months of 2024 were 3.14 billion dollars, up from 2.82 billion dollars in the same period last year.
Earnings from remittances was 519.6 million dollars in June.
Tourism and workers’ remittances are among the top foreign revenue generators for the South Asian nation.
OSL take:
Sri Lanka’s tourism industry has become one of the key revenue generators in the country with the steady growth recorded by the industry. The growth in the industry has resulted in an increase in the number of flights operated to Sri Lanka by international airlines. The ongoing promotional campaigns in key tourist source markets and the recognition of Sri Lanka as a must visit tourist destination will ensure a further growth in the local tourism industry. All these are indicative of the growing business/investment opportunities in Sri Lanka. These business/investment opportunities are mainly in the leisure and hospitality sectors and range from the development of infrastructure to supplementary infrastructure facilities to meet the growing demand. With Sri Lanka’s tourism industry showing signs of steady growth indicating a growing business potential, foreign businesses/investors could confidently explore the growing opportunities in the industry and also look at forming collaborations with local businesses in tourism with the aim of further expansion.