Tourism Minister Prasanna Ranatunga yesterday said that investment opportunities will be widened in the tourism sector to attract more local and foreign investors to Sri Lanka.
The Government, therefore, will grant concessions and incentives for those who are willing to invest in the sector, the Minister said.
The Minister said that the development of the sector should not harm environmental, archeological and cultural values of the country.
VAT concessions have been provided for the sector after it has been recognised as one of the major export earners.
Investment projects in the sector will be recognised and encouraged without any hazle through a combined entity of the stakeholders in the sector.
Foreign investments in the sector have increased by 150 per cent last year. US$ 108 million has been invested in the sector in 2019 and US$ 478 million last year,” he said.
