Bright Horizons: Navigating Tourism's Growth Revival
Sri Lanka rise as
a premium MICE
destination
7.0%
Sri Lanka's tourists' authorities are promoting MICE tourism in expectations of filling
12.0% of the 1.5Mn tourists target for 2023 as MICE tourists are anticipated to pay
3x the amount of leisure tourist. South Asia, Middle East and Europe are the key
markets for drawing MICE travelers.
SL expect to fill nearly 12% of the total tourist arrivals target in
2023 through MICE tourism which may bring in USD 300.0Mn by
the end of 2023
6.0%
5.0%
4.0%
3.0%
2.0%
1.0%
0.0%
Jan-22
Mar-22
May-22
Jul-22
Sep-22
ΖΖ-ΛΟΝ
Jan-23
Mar-23
First Capital
A Janashakthi Group Company
Sri Lanka has been gradually reaching the pre pandemic MICE levels and the main
source market has been India, Bangladesh, Pakistan, Germany, the Middle East,
Saudi, Doha, Dubai and the UK have also been contributing positively.
May-23
Jul-23
Moreover, India organized multiple conferences namely Tata Tiscon and V
institute of India within the first 1Q2023 which attracted over 500 travelers.
Furthermore, Sri Lanka is anticipated to host a number of events namely
Lupin and Pfizer, Indian Travel agents AGM and the inaugural Jaffna MICE
EXPO which are set to be major events.
The India outbound MICE tourism market is projected to reach USD 13.4Bn
by 2031, driven by growth in Indian economy amidst the increase in larger
disposable income for businesses and individuals. This has led to increased
corporate spending on MICE activities, including international events,
conferences, and exhibitions.
World-class infrastructure from hotels and many in-progress developments,
such as Cinnamon Life, ITC Hotels and Port City Colombo, is also slated to
open more doors to growth and investment in the future out of which the
officials anticipate USD 3.0Bn to enter the country in 2023 as Sri Lanka is
now identified as a potential market place.
Source: SLTDA, India outbound
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