Tourism attracts FDI of $ 879 m amidst pandemic

Regardless of disruptions caused by the prevailing pandemic, foreign investors had come forward to invest in 54 new tourism projects in Sri Lanka in 2020 worth about $ 879.4 million, Minister of Tourism Prasanna Ranatunga revealed yesterday (27).

Out of this, 29 projects worth $ 188.4 million have been reportedly finalised so far and the remaining investments will be approved soon, according to Ranatunga.

“During the last 10 years, a total of 854 projects have been implemented in the tourism sector of the country, generating $ 7,026 million in revenue,” he stated.

The Minister pointed out that despite the Covid-19 pandemic situation, the number of investors who have come forward for 54 projects related to the tourism sector in the year 2020 can be considered as a victory for the country.

He revealed that the government was focusing on expanding investment opportunities with a focus on developing all sectors and providing infrastructure.

“The Sri Lanka Tourism Development Authority (SLTDA) has also set up a special coordinating unit to coordinate investments into the country’s tourism sector. I have to emphasise the need for co-operation projects to expedite the revival of Sri Lanka’s tourism industry, which has been crippled by the global Covid-19 pandemic,” the Minister said.

Speaking further, he said: “As the inbound tourism sector is a major source of income in Sri Lanka, the Government is expected to pay more attention to investing in the development of that sector. There is fierce competition for investment in countries where tourism is the main source of income and we are committed to attracting more investors despite this.”