Sri Lanka currently boasts of “a relatively good economic growth,” and the creeping explosion is likely best manifested by the massive developments happening in its capital Colombo and other areas of visible progress around the country. In order to sustain the pace, the national government is making it easier for foreign investments to come in.
In this, the most obvious example is Sri Lanka’s ongoing business and political ties with China that so far have resulted in the latter pouring in billions to the former’s rapidly expanding economy. For starters, Chinese companies will fund the construction of the 269-hectare Port City that will function as the capital’s modernised twin.
Sri Lanka intends to stay on this course, according to Property Report, adding Colombo has expressed deep belief in its steady relationship with the world’s second-biggest economy.
The country, it appears, is in part anchoring its economic growth on the influx of foreign investments and the big-ticket deals with China will only serve to jumpstart the mammoth plans that lie ahead.
Recipe For Growth
Fortunately for Sri Lanka, the stars are aligning for its plans to come into fruition. The country’s tourism sector is on boom pace, thanks in large part to the gorgeous beaches that are plentiful in supply, per the same news article from Property Report.
Outside of Colombo, the beauty that is South Asia’s emerald isle is best represented by Galle – the fort city south of the island nation that is the living testimony to its colonial past. Once the base of European powers centuries ago, Galle is now a big draw for tourists and investors alike.
“The southern city of Galle is drawing in investment due to its beguiling blend of scenic beauty, colonial architecture, and a host of independent restaurants, bars and boutique hotels,” the report said.
Additionally, luxury homes and villas are now ready features in Galle, Colombo and select Sri Lankan cities, and their presence pointed to the fact that the country is witnessing a rising economy. In particular, the exploding tourism and property sectors are solid proofs that Sri Lanka’s construction business stands firmly on solid ground.
Capitalising On The Boom
The boom that is happening across industries, Sri Lanka is certainly cashing in on. Already, the nation’s existing laws can be characterised as encouraging enough to attract attention or make it easier for foreign buyers to come in and shop around for properties.
As one industry expert has observed on the present situation, “The present laws that govern foreign ownership of land are far more foreign investment-friendly than those of comparable Asian countries such as Thailand and Bali.”
Still, there is no stopping Sri Lanka from aggressively selling the country’s prospects. In the works at the moment are legislative initiatives that will ease down the limitations currently in effect on foreign ownership. Soon enough, foreigners can purchase and own properties with the aid of freehold regulations, reviewed and adjusted to open the door wide-open for investments.
And to further convince Sri Lanka is open for business, the government is doubling down on enhancing its basic services to assure would-be foreign residents that there will be quality health care and education to complement their property acquisitions.
The general situation, specifically the growing national economy, appears to be rock steady that forecasted changes in the political landscape, like the change of leadership, will unlikely derail Sri Lanka’s ascent to the top.