Tourism, an industry that does not give sufficient return
While the tourism industry is harping on the fact that Sri Lanka is a great destination for tourism in the world, the industry is not attracting foreign direct investors to come and invest in the country. The reason being, the industry is not giving enough return to the investors.
Santani Wellness Resort Founder, Vickum Nawagamuwage made this comment during the Sunday Times Business Club meeting held at the Shangri-La Hotel in Colombo last Tuesday.
Mr. Nawagamuwage said, “We are harping (on the fact) that Sri Lanka is the best destination for tourism in the world, but we are not attracting anyone to come and invest here. It is because the industry is not giving enough return to the investors. If there is a good return and an adjusted risk level, investors will come.”
Sri Lanka’s cost of construction is higher than any other competitors in the region. “A hotel in Indonesia can be built at a cost of less than 40 per cent than in Sri Lanka, in India at a cost of less than 50 per cent and in Thailand at a cost of less than 25 per cent.”
He said, “The construction cost in Sri Lanka is high because we have import duties to protect certain industries such as steel, cement, tiles and sanitary wear. This is a major issue of profitability and return on investment for the investors”.
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