Tourism is the
country's third-biggest foreign currency earner. With over 2.3 million visitors
coming into the nation, Sri Lanka reported its largest-ever amount of arrivals
in 2018. In 2018, the industry is projected to have earned around $4.3 billion,
11 percent higher than last year. Sri Lanka provides a combination of beaches,
wildlife parks, rain forests, tea plantations, ancient ruins, Buddhist cultural
sites, and festivals.
Sri Lanka ranks
64th out of 141 nations in the World Economic Forum's 2017 Travel & Tourism
Competitiveness Report. The government is aiming to boost tourist arrivals in
2019 to 3 million, although the terrorist attacks of April 21 have dampened
opportunities for 2019 and 2010. India and China, followed by the UK, Germany,
and France, contributed the most significant amount of tourist arrivals.
Tourism sector investment remains with projects valued at around $223 million
authorized in 2018. Sri Lanka is aimed at attracting worldwide names.
Several global
and regional hotel chains, including the Marriott, Shangri-La, Six Senses, and
Movenpick, have recently started building or running hotels in Sri Lanka. Shangri-La
and Movenpick began activities in 2017, while others like Sheraton and ITC are
anticipated to complete activities in 2019/20. Some local conglomerates control
most of Sri Lanka's luxury resort hotels. Moreover, the idea of the boutique
hotel is catching on quickly. International hotel businesses were absent from
Sri Lanka during the conflict (which finished in 2009). Hilton was Sri Lanka's
only global player to manage a luxury hotel (owned by the state) and an
apartment complex for many years in Colombo.
Eastern Sri
Lanka is an area with remarkable potential as it is famous for world-class
beaches in this region. Locations like Pasekudah and Arugam Bay, particularly
for surf lovers, are top destinations. The nation has several parks and forests
home to a variety of wildlife and distinctive species of fauna and flora, and
several global environmental organizations consider it a biodiversity hotspot. The
latest ban on land sales to foreigners can make the construction of new
properties more complicated. Eco-friendly resorts are also becoming popular
with many developers opting to set up "green" hotels to attract an
increasing section of the market.
Increasing
tourism is driving the restaurant industry's significant development. An
evolving tourism trend has brought a big influx of visitors looking for a more
genuine experience, according to industry specialists. These visitors, mostly
younger, are looking for cheaper lodging units and homestays, and are using
navigation internet apps. The tourism industry should constitute significant
possibilities for U.S. providers in a range of fields such as facilities,
technology and consultancy services, hotel equipment, furniture, water
purification systems, electrical systems, energy-efficient equipment, food, and
beverage equipment, bathroom accessories, spa and fitness equipment, and water
sports equipment.
Sri Lanka also
plans to implement aviation services to promote its tourism drive, including
air taxis and helicopter facilities. The enhanced development of the hotel
industry, the upgrading of existing properties and the development of global
hotel chains requiring high-end inputs and technology offer essential
opportunities for U.S. businesses.
OSL Take: Tourism provides possibilities for both investment and trade. The
state offers beach land and islets for the growth of tourism. Several policy
initiatives and actions to harness the sector's potential were introduced in
2017. The new strategic tourism plan implemented in 2017 is aimed at raising
income by 2020 to $7 billion and creating 600,000 employees in support sectors.
VBS/AT/15102019/TB3
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