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Sri Lanka gives nod to USD1.59bn worth hotel projects

Aug 22, 2012 (LBO) - Sri Lanka has approved 129 projects involving the building of 9,364 hotel rooms up to July 2012, deputy economic development minister Lakshman Abeywardene said.
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In 2013, revenues of 1,360 million US dollars were expected; in 2014, 1,740 million US dollars; in 2015, 2,120 million US dollars and in 2016, 2,500 million US dollars.

A 'one stop shop' at the ministry of economic development which fast tracks investment clearances had received 217 applications worth 2.

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14bn US dollars up to July 2012, he said.

Minister Abeywardene said this year Sri Lanka was on track to welcome 1,050,000 tourists in 2012 up 22.7 percent from a year earlier. Up to July 543,205 tourists had arrived up 16.

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7 percent from a year earlier.

Earnings from tourism for 2012 was forecast at 980 million US dollars up from 838.9 million US dollars in 2011.

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