Russians to build nine hotels

Russian investors have agreed to invest in constructing nine tourist hotels in Sri Lanka, according to the Ambassador of the Russian Federation in Sri Lanka Alexander Karchava.

The hotels are expected to be built in the vicinity of the International Airport Katunayake, Hill Country, Central Province and the Northern and Eastern Provinces among other areas.

The Russian Ambassador presented the proposal on this to Economic Development Minister Basil Rajapaksa at the Ministry office recently.

The envoy said that the investors would be arriving in Sri Lanka shortly to survey the areas where the hotels are to come up and a report on the proposed hotels would soon follow.

Minister Basil Rajapaksa explained to the Ambassador the progress of foreign investments in Sri Lanka and facilities the government has provided to investors.

In this connection Ambassador Karchava inquired from the Minister on the possibility of acquiring land under long lease agreements. Responding to the query the Minister said that since state-owned land in the island is limited it is necessary to follow government regulations under the guidance of the Sri Lanka Tourist Board and the Board of Investment when acquiring such lands and the process would take a long time.

Minister Basil Rajapaksa further said by now several countries have offered to make different types of investments here and attributed their interest in the matter to Sri Lanka's geographical location, climate, its natural beauty and ancient heritage.