Projecting an upsurge in its inbound tourism market by 2016, Sri Lanka welcomes investment from India, specifically in tourism and hospitality.
Speaking to Express TravelWorld, Sri Lanka Tourism Chairman Dr. Nalaka Godahewa said: “Several hotel giants are undertaking expansion, refurbishment and development plans. This comes in the wake of increased demand for hotel rooms post conflict resolution. All this will help accommodate the exponential increase in tourist arrivals expected.”
The investors have an opportunity to invest in areas like hotels, shopping malls, theme parks, transportation, airports, marina hubs, etc.
He said: “Land in Sri Lanka is not expensive. Moreover, the Government is willing to render maximum support to the investors and as a part of the company Board of Investment of Sri Lanka, they can enjoy tax holidays.” There is no double taxation.
He pointed out that there are many international investors in Sri Lanka who are ready to invest in various segments in the Indian market as well and Sri Lanka could be a hub for India to attract international investors. He informed that approximately US$ five billion is being invested in developing, expanding and refurbishing hotels in Sri Lanka.
Sri Lanka Tourism Promotion Bureau Assistant Director Indrajeet De Silva said: “We are focusing on developing our product, especially through foreign promotions.”