World Bank discusses Colombo Fort Tourism Zone development
The Morning: Discussions on developing Colombo Fort as a tourism zone under World Bank loans and grants, as well as measures to promote Sri Lanka’s tourism industry, were held at the Presidential Secretariat recently.
The meeting was held between World Bank Country Manager for Sri Lanka and Maldives Gevorg Sargsyan and a delegation of World Bank officials, and Chief of Staff to the President Prabath Chandrakeerthi.
The discussions focused extensively on matters that arose during a previous meeting chaired by President Anura Kumara Dissanayake regarding the proposed development of Colombo Fort as a tourist destination while preserving its historic heritage, the President’s Media Division said in a statement.
World Bank representatives said they were prepared to provide further support to promote Sri Lanka’s tourism industry and assist the country in achieving its targets in key sectors including agribusiness, ports and logistics, and energy.
The meeting also explored potential World Bank support for the development of the Colombo Fort tourism zone, as well as initiatives to promote nature-based tourism and expand tourism activities in the Northern and Eastern provinces.
The discussions form part of ongoing efforts to strengthen Sri Lanka’s tourism sector while making greater use of the country’s historic, natural and regional tourism assets, the PMD noted.
World Bank’s Sri Lanka and Maldives Management Unit Senior Operations Officer Stephan Massing and World Bank delegation Chief Operations Officer Asela Dissanayake also participated in the meeting.
OSL take:
Sri Lanka’s steadily recovering tourism industry is emerging as an increasingly attractive sector for foreign businesses/investors, with the Sri Lankan Government seeking to expand the industry beyond traditional beach tourism and develop new destinations and experiences. Plans to develop Colombo Fort as a tourism zone while preserving its historic character highlight the growing business/investment opportunities in heritage tourism, hospitality, retail, entertainment and related services. The proposed development is also expected to create space for private-sector participation alongside public investment and international development support. World Bank officials have indicated their readiness to provide further support for Sri Lanka’s tourism sector, while also identifying agribusiness, ports and logistics, and energy as areas with significant potential. The convergence of these sectors could create business/investment opportunities for businesses/investors seeking to build integrated tourism and hospitality businesses. For foreign businesses/investors, Sri Lanka’s appeal lies not only in its natural and cultural attractions but also in the scope for new hotels, resorts, boutique properties, tourism technology, transport, food and beverage, wellness and adventure tourism. As tourist arrivals recover and the Sri Lankan Government works to position tourism as a key driver of economic growth, the sector is likely to become an increasingly important channel for foreign capital, bringing both investment and new business opportunities into the wider economy.
| Article Code : | VBS/AT/20260831Z_2 |