Foreign investment exceeds Rs 5 b in first seven months

Ridma Dissanayake

Foreigners invested Rs 5 billion in Sri Lanka during the first seven months of this year, Economic Development Deputy Minister Lakshman Yapa Abeywardena said.

Most investments have been in the tourism sector. Tourist arrivals increased by 16.7 percent compared to last year. Over 543,200 tourists visited Sri Lanka from January to July, he said.

The minister addressing a press briefing at the Information Department yesterday, said: “We have targeted 1.5 million tourists arrivals and an income of US $ 980 million by the end of this year. A large number of programmes are underway to achieve this goal. “We earned only US $ 838.9 million in 2011 and hope to increase this to US $ 2,500 million by 2016.” Abeywardena said tourist arrivals recorded a significant rise following the end to the conflict with the industry showing a significant growth. The One Stop Unit received applications for 217 projects at a cost of US $ 2,149 million from the beginning of this year and 129 have been approved.

These projects will add another14,667 rooms to the tourism industry and 9,364 rooms among them will be completed with the end of this year, the deputy minister said. Meanwhile, Sri Lanka was placed among the most picturesque five tourist destinations in the world to visit in 2012. Hello magazine of UK commented the facilities for tourists as well as the country’s natural beauty. The magazine has made a special reference to the hill country, elephant orphanage in Pinnawala, ancient ruins and beaches, Abeywardena said.

He said it has said tourists who look for natural beauty and cultural diversity should not miss Sri Lanka. British Airways will also commence non-stop flights to Sri Lanka from next year. Germany, France, America and Britain referred to Sri Lanka as a better place for tourists. This is a great achievement for the Sri Lanka tourism industry, Deputy Minister Abeywardena said.