Sri Lankan authorities are inviting investors to cash in on the country’s tourism bounce back, offering some great incentives to sweeten the deal.
Having recently been named among the winners for this year’s Travellers’ Choice Awards for destination by Condé Nast Traveller, Sri Lanka showcases the wonders of Southeast Asia while maintaining a unique identity.
Since reopening in January, the destination has seen a steady increase in tourism activity in line with its maintained investment momentum, attracting more than a billion dollars (US$950 million) in investments and 64 project proposals between March 2020 and June 2021.
To fast-track the investment process, Sri Lanka’s Tourism Development Authority (SLTDA) has launched the Investor Relations Unit to provide a single point of contact for all tourism investments.
Recent improvements to the investment approval process have brought down the time taken for project approvals by up to 40 per cent and further improvements are in the pipeline.
In addition, the Sri Lankan government is extending a host of financial and non-financial incentives for tourism investments such as VAT deferment for large scale projects, a simplified VAT scheme and custom duty-free importation facilities to name a few.
There are loads of opportunities open for investors which promise to acquire high returns including small scale tourism projects with a total investment of less than $72 million (US$ 50 million), large scale tourism projects with a total investment of more than $72 million (US$ 50 million) as well as strategic development projects.
Sri Lanka Tourism is also keeping sustainability at its forefront, releasing Green Building Guidelines to ensure sustainable tourism development.
Currently, a range of world-class resort projects are being offered to investors to develop tourism in a planned and sustainable manner, such as Kalpitiya Island Resort, Kuchchaweli Beach Resort and Dedduwa Lake Resort.
As the world reopens, Sri Lankan authorities have made it easier and more attractive to invest in the region and invite potential investors and trade partners to contact Sri Lanka Tourism Development Authority via firstname.lastname@example.org or call +94 718 109 571.
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Featured image: Sri Lanka Tourism Development Authority