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SL tourism attracts $ 1 b investments despite pandemic

10 Aug 2021

Over the last 15 months, from March 2020 to June 2021, the Government has attracted over $ 950 million in investments, which would be dedicated to revitalising the burgeoning tourism sector of the country. When it comes to statistics, 64 project proposals have currently been received while 38 projects have received approval, which amounts to an approximate value of $ 102.38 million. These ventures will be executed under the auspices of the Sri Lanka Tourism Development Authority (SLTDA). The level of interest shown by global investors is a positive sign for things to come and indicative of the immense potential inherent to the local tourism sector. Foreign investment is a key driver of economic growth, as is revenue generated via tourism. As one of its primary exports, tourism remains Sri Lanka’s calling card to the world. Speaking about these initiatives and highlighting some of the key policies designed to encourage international investment and expedite the process, SLTDA Chairperson Kimarli Fernando stated: “This new era of strategic investment is like nothing the country has seen before and is set to launch Sri Lanka’s tourism sector into a brave new future. We have taken great care to streamline the investment process, so it is more in line with what international investors expect. This includes a master document which merges the requirements of all government agencies into a single, easy-to-use application for investors.” By removing previous hurdles, streamlining the entire process for greater efficiency, and ensuring absolute transparency, the Government has given investors a clear route. This provides interested parties with the guarantee they need when considering the long-term viability of their investment. The SLTDA has also established an Investment Relations Unit (IRU) to expedite the approval of all tourism investments. This provides greater clarity on regulatory issues and allows investors to form a direct partnership with the administrative body. As Sri Lanka positions itself as the ideal destination for post-Covid travel, these investments, and the subsequent revenue they generate, would empower communities and benefit local economies all across the island.


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