Tourism sector attracts over US $ 950mn investments in last 15 months: SLTDA

• Out of 64 projects, 38 to the tune of US $ 102.38mn approved and to be executed 
• Investment process streamlined in line with international investor expectations

Sri Lanka’s tourism sector that is harshly hit due to the outbreak of the COVID-19 pandemic has attracted over US $ 950 million worth of investments in the last 15 months, the Sri Lanka Tourism Development Authority (SLTDA) said.

According to the SLTDA, from March 2020 to June 2021, the government has attracted investments in excess of US $ 950 million that are dedicated to revitalising the island nation’s growing tourism sector.

While a total of 64 project proposals have been received, 38 projects amounting to a total of US $ 102.38 million has been approved and will be executed under the 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,” said Sri Lanka Tourism Chairperson Kimarli Fernando in a statement to the media yesterday.

She added that to ensure a faster and more convenient process for all investors, a number of measures have been put in place. 

“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,” shared Fernando. 

She went on to add that by removing the previous hurdles, streamlining the entire process for greater efficiency and ensuring absolute transparency, the government has given investors a clear route. 

Fernando pointed out that the Investment Relations Unit (IRU) established by the SLTDA plays a key role in expediting the approvals required for investments in tourism, as it 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 will empower communities and benefit local economies all across the island,” she said.