By: Staff Writer

December 09, Colombo (LNW): Sri Lanka’s tourism sector achieved an impressive $2.8 billion in revenue during the first 11 months of 2024, a 56% surge compared to the same period in 2023. This growth highlights the industry’s role as a key driver of the nation’s economic revival.

The Central Bank reported $272.9 million in tourism earnings for November alone, reflecting a 33% year-on-year (YoY) increase and a significant 47% rise from October’s $185.6 million. Tourist arrivals in November reached 184,158, a 22% YoY increase and the highest since July 2024. February recorded the year’s peak monthly earnings of $375.7 million from 218,350 visitors.

Analysts note these figures emphasize the sector’s ability to generate substantial economic returns when effectively supported. Confidence has grown in meeting the Sri Lanka

 Tourism Development Authority’s (SLTDA) revised 2024 targets of 2 million visitors and $3 billion in revenue.

 With over 1.8 million arrivals and $2.8 billion in earnings by November, the industry remains optimistic about achieving its goals despite the December challenge of attracting over 345,000 visitors.

This recovery is particularly remarkable given the industry’s struggles over recent years, including the 2019 Easter Sunday attacks, the COVID-19 pandemic, and a subsequent economic crisis.

Despite these setbacks, the sector has shown resilience, driven by organic growth and improved visitor safety measures. Notably, this revival has occurred without a comprehensive global tourism campaign over the last 16 years.

Looking ahead, Sri Lanka’s tourism industry has set ambitious goals for 2030, aiming for 5 million visitors and $8.5-10 billion in revenue.

To achieve this, a strategic overhaul of marketing efforts is underway. In January 2025, the sector plans to launch a unified national brand, moving away from fragmented promotional efforts and positioning Sri Lanka as a year-round destination.

Industry leaders are also advocating for the new administration to expedite the long-awaited global promotional campaign. This initiative is seen as crucial for sustaining the current momentum and enhancing international recognition of Sri Lanka as a premier travel destination.

As a 100% private sector-driven industry, tourism remains vital to Sri Lanka’s economic development.

 By aligning strategic initiatives with global market trends and addressing structural challenges, stakeholders believe the sector is poised to become a cornerstone of the country’s economic recovery and growth.

By: Staff Writer

December 09, Colombo (LNW): The Hambantota International Port Group (HIPG) has announced a $41 million investment in advanced crane technology to enhance operations at the Hambantota International Port (HIP).

This upgrade, slated for completion by January 2025, includes the installation of four Quay Cranes (QCs) and thirteen Rubber-Tyred Gantry Cranes (RTGs), boosting the port’s annual handling capacity to 1 million TEUs.

The four QCs, delivered by the mv. De Qiang 66 on November 30, feature a Twinlift 65m outreach and impressive load ratings: 50 tons for single handling, 65 tons for tandem lifts, and 75 tons with an underhook beam.

These cranes provide a lifting height of 42m above rail and 20m below rail. Simultaneously, the RTGs, which arrived aboard FENG HAI DA, have a span of 23.47m and a lifting capacity of 41 tons.

 Built with automation systems and anti-collision technology, the cranes are designed to align with HIP’s green port initiatives, ensuring operational efficiency and safety.

The new equipment will complement HIP’s existing machinery, including two QCs, three RTGs, four Reach Stackers, and three Empty Stackers. Commissioning is expected to take two months.

Wilson Qu, CEO of HIPG, emphasized the strategic importance of this investment, stating, “The new cranes will significantly enhance our container-handling capabilities, establishing HIP as a multipurpose port for Sri Lanka.

This development supports transshipment operations and attracts potential investors to our industrial zone.” Qu added that HIP’s enhanced capacity will integrate seamlessly with the nation’s coastal shipping network, improving cargo movement efficiency and contributing to Sri Lanka’s goal of handling 10 million TEUs by 2026.

HIP’s expansion is set to benefit the southern hinterland, stimulating industrial growth and creating opportunities for local entrepreneurs.

The port’s industrial zone, supported by upcoming feeder services to Colombo, is also gaining attention from global investors.

 A recent initiative, spearheaded by the Japan External Trade Organization (JETRO) in collaboration with the Hambantota Chamber of Commerce, underscores this interest.

JETRO’s delegation, comprising Japanese companies with operations in India and Sri Lanka, visited HIP to explore investment opportunities in the southern region. They toured the port’s facilities and engaged with its officials.

 During the visit, HIP showcased its potential to facilitate regional business growth, presenting itself as a vital hub for trade and industry development in Sri Lanka’s deep south.

Highlighting the port’s pivotal role, Qu noted, “The rapid development at HIP, including the establishment of container operations, will drive industrial growth in the region.

This is a timely opportunity for Japanese companies to leverage our strategic location and advanced facilities.”

 Recognized as a top foreign direct investment contributor by Sri Lanka’s Board of Investment, HIPG has invested $1.4 billion in the port’s development between 2017 and 2022.

 The recent visit by JETRO officials, including senior representatives from India and Sri Lanka, reflects Japan’s growing interest in leveraging Sri Lanka’s strategic trade and logistics potential.

Through its infrastructure upgrades and international collaborations, HIP is positioning itself as a gateway for global commerce, reinforcing its commitment to mutual growth and economic development.

By: Staff Writer

December 09, Colombo (LNW): For the first time in over two years, Sri Lanka’s workers’ remittances from expatriates saw a decline in November 2024. Official data revealed a 1.3% drop compared to the same period in 2023, with remittances amounting to $530.1 million. This marks the end of a 27-month streak of year-on-year increases that began in August 2022.

Despite the slight decline in November, cumulative remittances for the first 11 months of 2024 reached $5.96 billion, reflecting a 10.4% growth compared to the $5.4 billion recorded during the same period last year. Monthly remittance inflows had consistently exceeded $550 million since July 2024, signaling sustained contributions to Sri Lanka’s foreign exchange reserves.

Worker remittances remain a vital pillar of Sri Lanka’s economy, which is still recovering from the severe economic crisis of 2022. In 2023, the country recorded a significant 57% increase in remittances through formal banking channels, rising from $3.8 billion in 2022 to $5.97 billion. This growth was largely attributed to the Central Bank’s decision to abandon a parallel exchange rate system, which previously incentivized the use of informal money transfer methods like Undiyal and Hawala.

The Central Bank’s October 2024 report on external sector performance highlights continued positive momentum. Inflows to the current account improved foreign reserves and contributed to the appreciation of the Sri Lankan rupee. Between January and October 2024, total remittances amounted to over $5.4 billion—an 11.7% increase from the $4.8 billion recorded in the same period in 2023.

Key contributors to these figures include migrant workers in Kuwait, Saudi Arabia, and Qatar, with remittances for the first quarter of 2024 totaling $1.54 billion, followed by $1.6 billion in the second quarter. Additionally, departures for foreign employment in the first half of 2024 reached 149,810, with most workers heading to Middle Eastern countries.

To support its overseas workforce, Sri Lanka has implemented the National Policy and Action Plan on Migration for Employment (NPME). The policy includes provisions for legal assistance, educational programs for the children of migrant workers, and family development initiatives. These measures aim to safeguard the rights and well-being of migrant workers while optimizing their contributions to the national economy.

As one of Sri Lanka’s top sources of foreign exchange revenue, remittances are critical to stabilizing the economy and addressing the financial challenges stemming from the 2022 crisis. While the November dip may indicate a temporary fluctuation, long-term trends remain robust, bolstered by policy reforms and the resilience of the expatriate workforce.

December 09, Colombo (LNW): This prestigious recognition honours the “visionary leadership, integrity, honesty, empathy, resilience, innovation, collaboration, good governance, inspiration and excellence” of Prof. E. A. Weerasinghe, which have been instrumental in transforming Sri Lanka’s higher education landscape alongside his dedicated team.

The awards were presented at the Global CEO Leadership Excellence Awards Ceremony 2024, Sri Lanka’s First-Ever Celebration of 50 Top-Tier CEOs and their teams held on 5th December 2024 at ITC Ratnadipa, Colombo.

December 09, Colombo (LNW): Sri Lanka’s tourism industry has witnessed a significant rebound, with earnings for November 2024 reaching US$ 272.9 million, marking a sharp increase from the US$ 205.3 million recorded in the same month last year and the US$ 185.6 million generated in October.

This positive growth can be attributed to a strong influx of visitors during the winter season, further buoyed by an overall rise in international arrivals.

A total of 184,158 tourists visited Sri Lanka in November, a notable rise from the 151,496 who arrived in October.

This brought the total number of arrivals for the first eleven months of 2024 to 1,804,873, positioning the country on track to surpass the two million mark by the end of the year.

This milestone is especially significant given the challenges the sector has faced in recent years, including the aftermath of the Easter attacks, the global pandemic, and a severe economic crisis.

As of November, Sri Lanka’s total tourism earnings for 2024 reached US$ 2,806.5 million, representing a remarkable 56 per cent year-on-year increase.

The tourism sector’s strong recovery is evident, and with a full-year projection of slightly over US$ 3 billion, Sri Lanka is on track to meet or exceed the anticipated earnings of between US$ 3 billion and US$ 3.5 billion for 2024.

This growth marks a return to pre-pandemic levels of tourist arrivals and a sign of the sector’s resilience.

Looking ahead to 2025, Sri Lanka continues to garner attention as a top travel destination in global rankings, setting the stage for even greater growth in both tourist arrivals and revenue.

Early estimates suggest that the island could surpass US$ 5 billion in tourism earnings next year, a target that now seems within reach.

Notably, recent brief travel advisories from some countries, including the United States, in response to a terrorism-related scare on the East Coast, have had minimal impact on Sri Lanka’s appeal as a tourist destination.

The country’s resilience in the face of such challenges has been reflected in the positive performance of local leisure sector businesses, which have seen substantial gains in both revenue and profitability due to higher visitor numbers.

The increase in domestic tourism has also contributed significantly to the sector’s growth. With the country’s political climate stabilising following the two back-to-back elections in September and November, local consumers are spending more on travel and recreational activities.

Furthermore, the recent improvements in the visa issuance system have streamlined the process, reducing delays and costs for international travellers, thus making the country an even more attractive destination.