Sri Lanka’s tourism sector has attracted US$ 71.53 million in investment proposals up to August 16th this year, according to the latest data from the Sri Lanka Tourism Development Authority (SLTDA). During this period, 43 investment proposals were submitted, aiming to add 773 rooms to the nation’s hotel stock. As of June 31st, SLTDA had approved 16 of these projects, valued at US$ 25.39 million, contributing 224 rooms to the market.
In 2023, SLTDA received 68 proposals worth US$ 237.70 million, with 34 projects approved at a value of US$ 170.13 million, adding 1,273 rooms—the highest since 2020. Despite receiving 54 proposals valued at US$ 837.85 million in 2020, only 24 projects worth US$ 95.47 million were approved.
Since 2020, SLTDA has received 252 investment proposals with an estimated value of US$ 1,349.253 million, approving US$ 431.804 million worth of projects, resulting in 3,502 additional rooms as of June 2024. The sector has faced challenges due to global and local incidents, leading to a slowdown in tourism investments.
(Colombo/Aug 21, 2024)