Tourism sector attracts US$ 1,013 mn, 59 projects valued US$ 300 mn approved | Daily News

Tourism sector attracts US$ 1,013 mn, 59 projects valued US$ 300 mn approved

Sri Lanka’s pandemic-hit tourism industry is confident of a strong resurgence at the moment and investments amounting to US$ 1,013 million have been attracted by the industry for the past two years despite the COVID outbreak.

Tourism Minister Prasanna Ranatunga said they have received 99 proposals to invest in tourism in Sri Lanka during the last two years despite the pandemic and 59 projects valued at US$ 300 million have already been approved.

In order to accelerate tourism investments, the Sri Lanka Tourism Development Authority (SLTDA) yesterday signed MoUs with eight government institutions for the swift approval of proposals. Accordingly, eight MoUs were signed with the Central Environment Authority, Department of Wildlife Conservation, Forest Conservation Department, Department of Archaeology, Department of Irrigation, Department of Agrarian Development, Department of Fisheries and Aquatic Resources and National Building Research Organization (NBRO).

The SLTDA has already signed MoUs with the Board of Investments and Department of Coast Conservation and Coastal Resource Management under this programme. SLTDA will sign MoUs with the Civil Aviation Authority, the Colombo Municipal Council, Ceylon Electricity Board, National Water Supply and Drainage Board in the future.

He said that SLTDA has also launched the Investor Relations Unit to fast-track the investment process successfully. The Unit provides a single point of contact for all tourism investments, giving accurate information and guidance while obtaining approvals from all government agencies. Documents required for all government approvals are listed and included in the ‘Master Application Form’ for investor convenience.

The development of Investor Case Management System (ICM) is also progressing with an effective facilitation mechanism carried out by well-trained professional staff.

“We have taken great care to streamline the investment process, Therefore all actions have been taken to provide an efficient, effective and hassle-free investment facilitation process for tourism investments,” he added.

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