Sri Lanka’s tourism industry to see 30 new projects to be implemented this year - Opportunity Sri Lanka
Sri Lanka’s tourism industry to see 30 new projects to be implemented this year

Sri Lanka’s tourism industry to see 30 new projects to be implemented this year

Sri Lanka’s Minister of Industrial Export and Investment Promotion and Minister of Tourism and Civil Aviation, Prasanna Ranatunga has reportedly said that over 30 new tourism related projects would be implemented this year.
The Minister has told the state owned English Daily News that these projects would be implemented as those approved by Sri Lanka’s Board of Investment (BOI) and will bring in US$ 122 million as foreign direct investments (FDIs).
He has said that FDIs pledged since the new government was appointed stands at US$ 370 million.
According to Ranatunga, these projects will assist in adding 550 star class rooms and also 400 individual luxury villas. “We are now in the process of clearing land and helping the investors to obtain other related approvals.”
“Tourism relegated investments while brining in FDI also helps to create many high paying direct and indirect employment opportunities. In addition with global brands setting up hotels in Sri Lanka destination marketing also improves and hence the government is keen to egg on more tourist sector investments both locally and globally,” the Minister has said.
Also, tourism helps bring in additional revenue to cottage industries and has several positive ripple effects.

OSL take:

The continuous growth in Sri Lanka’s tourism industry has made it a hotspot for business opportunities in the country. Sri Lanka continues to be listed as a must visit destination by many globally renowned travel publications resulting in many international brand names showing interest in entering the country’s leisure and hospitality market. Given the growth in Sri Lanka’s tourism industry, foreign businesses/investors could explore business/investment opportunities in the industry as well as look at the opportunities of setting up supplementary infrastructure facilities required by the industry along with its growth.

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Article Code : VBS/AT/20200310/Z_4

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