State Minister of Finance predicts over US$ 5 billion tourism revenue for 2024
By: Staff Writer
July 18, Colombo (LNW): State Minister of Finance Shehan Semasinghe is optimistic about surpassing the US $5 billion mark in foreign reserves by the end of the year, owing to robust growth in the tourism sector.
He made this prediction following the tourism ministry revelation of the latest tourist arrival status recently.
Accordingly Sri Lanka has registered a significant increase in tourist arrivals, with over 85,000 visitors welcomed in the first 14 days of July, bringing the total number close to 1.1 million so far in 2024.
Speaking at the National Development Pride Conference of the Development Lottery Board, he highlighted the significant contribution of tourism to the economy. By 25 April, tourist arrivals in Sri Lanka had exceeded 757,000, bolstering foreign reserves and setting the stage to surpass $5 billion by year-end.
Semasinghe credited this positive trend to a favorable environment for economic growth and stability. Sri Lanka Tourism has set ambitious goals for 2024, aiming to attract 2.3 million tourists and generate over $4 billion in revenue.
In the first 28 days of April alone, the country welcomed 132,152 visitors, bringing the year-to-date total to 767,936. The Sri Lanka Tourism Development Authority (SLTDA) identified India, Russia, and the UK as the top source markets for the year.
Building on this momentum, Semasinghe proposed reintroducing the Colombo Airport Super Draw lottery, a scheme offering participants a chance to win significant prizes. He believes such initiatives can further bolster economic recovery and stimulate consumer spending.
The State Minister expressed optimism about economic recovery, noting that previous doubts about Sri Lanka’s ability to overcome its economic crisis have dissipated.
He emphasized the collective effort of all stakeholders in implementing internationally accepted reforms and achieving national development goals. Semasinghe highlighted the importance of mutual respect among stakeholders to drive the country forward.
He also predicted continued economic strengthening over the next three months, anticipating tangible benefits for the population as the country progresses towards sustained economic stability.
Sri Lanka has seen a substantial increase in tourist arrivals, with over 85,000 visitors in the first 14 days of July alone, pushing the total close to 1.1 million for 2024.
This surge is largely due to the Dawoodi Bohra International Convention held in Colombo, which concluded recently.
The first two weeks of July saw an average of 6,102 daily arrivals, with India being the top source market, contributing 23,498 tourists, followed by the UK with 7,703 and China with 5,317.
Other significant markets included Germany, Australia, France, the Netherlands, Switzerland, the US, and Canada. The SLTDA expects total arrivals for July to reach 220,950.
For the year, India has remained the leading source of tourists, with 207,966 arrivals, followed by Russia with 116,019 and the UK with 97,055. Sri Lanka Tourism is on track to achieve its 2024 targets of attracting over 2.3 million tourists and generating more than $4 billion in foreign exchange earnings, signaling a strong recovery and growth in the tourism sector.
