Sri Lanka Aims to Double Tourism Investment

As of 2018, Sri Lanka achieved investments worth 2,995 million US dollars

ECONOMYNEXT.com – Sri Lanka is expecting investments into tourism received from 2010 to 2019 to double over the next five years to 6 billion US dollars, the state’s tourism office said.

“As of 2018, we have achieved investments worth of 2,995 million US dollars,” Sri Lanka Tourism Development Authority Chairman Johanne Jayaratne said.

“Our target over the next 5 years is approximately 6005 million US dollars.”

He was speaking at a formal signing ceremony between SLTDA and the Department of Coastal Conservation & Coastal Resource Management to enhance cooperation between the two agencies to reduce the time and costs for investors in approving projects.

Tourism projects have gone through SLTDA’s Investor Relations Unit since 2010, approving 402 projects worth 3.1 billion US dollars.

The USAID’s Supporting Accelerated Investments in Sri Lanka (SAIL) project has been helping the Investor Relations Unit over the past two years to increase inter-agency cooperation and fast-track approval processes.

“Ease of doing business in Sri Lanka is critical in achieving these targets. A holistic approach and seamless inter facing between Government Organizations form the backbone of this exercise,” Jayaratne said.

Over half of tourists visit Sri Lanka for its beaches, and most tourism developments are along coastal regions, which is why the SLTDA chose the coastal authorities as the first to strengthen collaborations with.

Sri Lanka Tourism signing ceremony

The signing ceremony between SLTDA and the Department of Coastal Conservation & Coastal Resource Management

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