Sri Lanka to lure Indian tourism investments

In an effort to develop the country's economy and tourism infrastructure, Sri Lanka is looking forward to Indian investments. Speaking about opportunities available in Sri Lanka, Consul General Upekkha Samaratunga, Consulate General of Sri Lanka said, "Sri Lanka plans to attract US$ three billion in FDIs in the next five years."

In the hospitality sector until now 210 hospitality projects have shown interest in Sri Lanka and 93 of them have been approved.

These companies will have upto six months time to get their licences, Samaratunga said the Sri Lanka Tourism Development Authority (SLTDA) will provide assistance to investors and businesses who want to invest in Sri Lanka. While 100 per cent FDI is allowed in such projects, any project which will have business going out of Sri Lanka will require partnership with a local company. Of this partnership, 60 per cent stake will be with the Sri Lankan partner and 40 per cent with the international partner. Samaratunga informed that in the tourism sphere they have received proposals from Indian companies as well.

"India is an important market for Sri Lanka for trade, investment and tourism," said Samaratunga.

Courtesy- Express travel world