US$ 101.44 million tourism investment for approval this year

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US$ 101.44 million tourism investment for approval this year


Mon, Oct 18, 2021, 11:02 pm SL Time, ColomboPage News Desk, Sri Lanka.

Oct 18, Colombo: During the first nine months of this year, from January to September, US$ 101.44 million worth of tourism investment have been presented for approval and out of those US$ 92.176 million worth investments have been approved, Minister of Tourism Prasanna Ranatunga said.

During that period, 33 tourism investments were submitted for approval and 22 of them were approved. The Minister is of the view that such proposals for tourism investment in Sri Lanka even during the Covid epidemic is a good development.

According to President Gotabaya Rajapaksa’s Vision of Prosperity Policy Statement, more attention has been paid to expanding new investment opportunities in Sri Lanka’s tourism sector.

Accordingly, approval has been granted for investments in recreation based parks, cable car projects, floating restaurants and underwater galleries. These proposals have been made in the fields of religious, cultural, national heritage, adventure sports and Ayurveda.

Approval for tourism investments was expedited after the current government came to power. The Sri Lanka Tourism Development Authority has established an Investment Relations Unit for this purpose. This unit has been established taking into account the complexity of the investment approval process and the large number of line entities. The unit is fully tasked with facilitating and expediting the investment approval process. Accordingly, Memorandums of Understanding (MoUs) have been signed with 43 relevant government agencies and MoUs have already been signed with a number of relevant agencies, the Minister said.

Foreign tourism is one of the main sources of income in the country. Minister Prasanna Ranatunga says that the government has paid special attention to investing in the development of this sector and to attract tourism investment to Sri Lanka. Tourism investments focus more on eco-friendly tourism projects, the Minister added.

The number of tourism investments in the country is expected to increase by next year. This is due to the fact that the tourism industry, which collapsed due to Covid, is gradually recovering. Minister Prasanna Ranatunga states that the number of tourists visiting the country is expected to increase in the future.

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