The end of the 25-year war in May 2009 has boosted the $50 billion economy’s leisure industry with the addition of the island’s nature and tropical climate that attract more high-end Western Europe tourists, making it one of the most attractive sectors for investment.
Sri Lanka’s tourism industry has secured $1.2 billion foreign investment this year due to a post-war tourism boom and has raised its investment target to $3 billion within the next five years.
The investment includes nearly $1 billion of foreign investment into a 500-room hotel by Shangri-La Hotels Lanka Ltd., and a shopping mall by China National Aero Technology Import and Export Corporation.
Sri Lanka had aimed to upgrade the post-war tourism capacity in order to attract $2.7 billion in investments, with the goal of increasing revenue to $2.5 billion by 2016
Sri Lanka’s Tourist arrivals are forecast to grow by 20 percent to a record of more than 780,000 this year.
According to Central Bank data Tourism revenue increased to 54.7 percent in first four months of this year to $270.6 million compared to the corresponding period last year and recording $575.9 million in 2010.
The booming tourism investments have boosted 2011 first quarter foreign direct investment (FDI) to a record $236 million.
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Sri Lanka’s Post-war tourism boom