Semasinghe forecasts over $ 5 b tourism revenue for 2024

• Suggests reintroducing Airport Super Draw lottery to boost economic recovery, consumer spending 
• Expresses confidence in continued strengthening of economy over next three months
• First 28 days of April draws 132,152 visitors pushing YTD figure to 767,936

State Minister of Finance Shehan Semasinghe expressed confidence in exceeding the $ 5 billion mark by year-end, driven by the strong growth in the tourism sector.

“As of 25 April, the number of tourist arrivals to Sri Lanka surpassed 757,000, contributing significantly to the increase in foreign reserves. It is now capable of exceeding $ 5 billion by the end of the year,” he said at the National Development Pride Conference of the Development Lottery Board yesterday.

Semasinghe attributed this positive trend in tourism to the conducive environment for economic growth and stability.

For 2024, Sri Lanka Tourism has set a target to attract 2.3 million tourists and generate revenue of over $ 4 billion. During the first 28 days of April, Sri Lanka has welcomed a total of 132,152 visitors pushing the year-to-date (YTD) figure to 767,936. According to latest data released by the Sri Lanka Tourism Development Authority (SLTDA) India, Russia and UK emerged as the top source markets for the year so far.

Capitalising on this momentum, the State Minister proposed the reintroduction of Colombo Airport Super Draw lottery, a scheme previously implemented to offer participants the chance to win super prizes. “This kind of initiative has the potential to further strengthen efforts at economic recovery and encourage consumer spending,” he added. 

The State Minister also expressed optimism on the economic recovery, noting that doubts surrounding the country’s ability to overcome the economic crisis have now dissipated, noting that doubts surrounding the nation’s ability to overcome the economic crisis have now disappeared. 

Acknowledging the collective effort of all parties involved in steering the country towards the right path through internationally accepted reforms, Semasinghe underscored the importance of mutual respect among stakeholders in achieving national development goals. 

Semasinghe also expressed confidence in the continued strengthening of the economy over the next three months, predicting tangible benefits for the people as the country progresses towards sustained economic revival.