The Diplomatic Society

 
  • Increase font size
  • Default font size
  • Decrease font size
South African investor to bolster Sri Lanka Tourism

By Dr Srimal Fernando South Asia Correspondent

Sri Lanka is the tear drop-shaped island located 30 kilometers off the south eastern coast of India. It is surrounded by the Indian Ocean, the Gulf of Mannar and the Palk Strait. During the past three years, after the dawn of peace and normalcy in Sri Lanka, the number of foreign companies investing in Sri Lanka has been increasing steadily. The island nation boasts of a progressive and modern industrial economy. It has one of the highest per capita incomes in the South Asian region with a remarkable economic growth.
At present, South African Investment in Sri Lanka has also been growing steadily. The long history of diplomatic friendship between the two countries lifted their relationship to a new stage, with an investment of 800 million dollars by a South African gaming and hotels group in 2011. According to media reports the investment will be made in a 200-acre private property in the coastal city of Katana, north of the Colombo by the Sun City Resorts run by South Africa's Sun International Ltd.

The growing bilateral ties between the two nations have opened up a host of opportunities for South African companies to tap the rapidly expanding Sri Lankan market and to do business in Sri Lanka. The South African Sun City Resorts investment will be the biggest investment in tourism sector development in Sri Lanka up to now. This will be followed by 500 million dollar investment by the Hong Kong-based Shangri-La Asia to build a 500-room luxury hotel in Colombo and a 300-room city resort in Hambantota on the southern coast. The growing   bilateral ties between the two nations have opened up a host of opportunities for South African companies to tap the Sri Lankan market and for the Sri Lankan companies to do business in South Africa. In 2010 the two way trade between two countries Sri Lanka and South Africa stood at 38.61 million dollars.

Travel and tourism is one of the fastest growing industries in Sri Lanka. The country’s tourism industry is growing very rapidly and has become one of the major tourist destinations in the region.  Comparisons with other countries in the region have shown that Sri Lanka offers the most business friendly environments in South Asia. The expansion of tourism in the country continues to achieve spectacular gains in recent years. There have been new trends in tourist arrivals that give much expectation for the industry. Up to the end of December 2011, the number of tourist arrivals has recorded 855,975. This is 30.8 per cent more than the number of arrivals to the country in 2010.

Recently one of the reputed travel magazines in Britain “Cond’e Nast Traveller” has nominated Sri Lanka as one of the top five destinations to watch in 2012. Sri Lanka has been placed third among the worlds top five in the list of destinations, ahead of Britain, Australia and Abu-Dhabi.

As one of the populous countries in South Asian region, the growth and achievements in the Tourism sector of Sri Lanka are outstanding. Sri Lanka Tourism Board forecast that the contribution that will be made from the tourism sector to the national Gross Domestic Production (GDP) in 2012 will pass the one billion dollar mark from 950,000 arrivals. Further, the government aims to bolster the tourism sector and targets annual revenue of 2.7 billion dollars by 2016 from 2.5million visitors.

South Africa's Sun City Resorts recent investments in the Sri Lankan Leisure sector will boost the growth of the tourism sector of Sri Lanka. On the other hand South African’s will feel the confidence to travel and to invest in the countries of this region.
 


 
 
 
 
 
 
 
_________________________________________________

May 2017 Edition

_________________________________________________

Translater


 
 
 
 
 
 
 
 
 
 

AU - EU has a strong Partnership 22 May 2017 Dr. Amani Abou-Zeid, the African Union Commissioner for Infrastructure and Energy has stated that the AU-EU partnership is one of the most structured of... <|> Travel across Africa 19 May 2017 Africa Visa Openness Index notes that Africans were able to travel more freely across the continent in 2016 compared to 2015. The African Development Bank in... <|> Hungary and South Africa Water cooperation 24 May 2017 Mr Szilverszter Bus, Deputy State Secretary of the Ministry of Foreign Affairs and Trade for Hungary was in South Africa. A cooperation... <|> Ecuador – The Republic of Opportunities 24 May 2017 Ambassador Maria Soledad Cordova Montero of Ecuador to South Africa hosted an Expo showcasing products of Ecuador.  These included... <|> Easing travel regulations between South Africa and Kenya 3 May 2016 South Africa and Kenya have announced measures that will make travelling between the two countries easier. South African Home... <|> 28th Anniversary of the Republic of Azerbaijan 30 May 2017 The Charge d’Affaires of the Republic of Azerbaijan in Pretoria, Mr. Azad Naghiyev and Mrs. Sabina Naghiyeva hosted a reception to... <|> Cubans celebrate Africa Day 31 May 2017 Ambassador Carlos Fernández de Cossío of Cuba hosted a cocktail lunch for Cuban professionals working in South Africa to celebrate Africa Day. The venue... <|> Georgia Independence Day 26 May 2017 Ambassador Beka Dvali of Georgia in South Africa hosted a reception to celebrate the Day of Independence of Georgia, a day that every Georgian cherishes, he... <|> 10th Annual Cape Town Steelband Festival 5 June 2017 The sounds of the steelpan reverberated in Cape Town, South Africa on May 11, 2017 as students, young people and steelpan enthusiasts took to... <|> Marla Mossman: One person making a Difference for Peace 5 June 2017 In a series of interviews The Diplomatic Society Global Editor Srimal Fernando began interviewing notable personalities who... <|>
© copyright 2011-2017| The Diplomatic Society| All Rights Reserved.