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Sri Lanka’s tourism earnings top $ 2.5 billion mark by October

Sri Lanka’s tourism earnings top $ 2.5 billion mark by October

Daily FT: Earnings from tourism crossed the $ 2.5 billion mark by end October, reflecting a high 59% Year-on-Year (YoY) increase, though down by 28% from the best performing benchmark year of 2018.
The Central Bank on Friday announced October 2024 earnings at $ 185.6 million, up 36% YoY, but only marginally from $ 181 million achieved in September. First 10 months’ earnings amounted to $ 2.53 billion, on the back of 1.62 million tourist arrivals, up 44% YoY. In October, there were 135,907 tourists.
February remains the high for monthly tourism earnings for 2024, with $ 375.7 million from 218,350 tourist arrivals.
As per industry sources, tourism continues to play a crucial role in Sri Lanka’s economy, contributing around 10% of the country’s GDP. As a net foreign exchange earner with minimal currency outflow for inputs, the sector holds significant value for a country working to stabilise its economy.
To capitalise on this momentum, the Sri Lanka Tourism Development Authority (SLTDA) aims to attract 2 million visitors by the year’s end and hopes to push annual earnings above $ 3 billion. However, with only two months remaining, the industry will need to draw 350,000 additional visitors and secure nearly $ 470 million in earnings to meet these goals.
Looking to the future, Sri Lanka Tourism envisions an even greater role in the economy, with aspirations to grow annual revenues to $ 8.5 billion and draw 5 million travellers by 2030.
The Hotels Association of Sri Lanka (THASL) and the Sri Lanka Association of Inbound Tour Operators (SLAITO) have urged President Anura Kumara Dissanayake to prioritise the implementation of the global promotional campaign to boost awareness of the country as a premier tourist destination.

OSL take:
Sri Lanka’s steadily growing tourism industry has become one of the key revenue generators for the country. Along with the steady increase in the number of foreign travelers arriving in the country, there’s an expansion in the business/investment opportunities in Sri Lanka’s tourism industry as well. These opportunities are witnessed mostly in the leisure and hospitality sectors and covers the areas of development of infrastructure and supplementary infrastructure facilities. The business potential in Sri Lanka’s tourism industry is evident by the interest shown in the industry by international leisure and hospitality brands. With the many promotional campaigns being carried out by local authorities in foreign tourist source markets and Sri Lanka being identified as a must visit tourist destination, the country’s tourism industry would continue to witness a steady growth making the industry a lucrative business opportunity for foreign businesses/investors exploring business/investment opportunities in Sri Lanka and the region.

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Article Code : VBS/AT/20241021/Z_3

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