Sri Lanka, the picturesque island nation in the Indian Ocean is a fascinating tourist hotspot populated by people with unmatched hospitality. It is fighting an uphill battle in the current context due to the economic turmoil it’s going through owing to the political instability created by leadership failure.
The recent revolution in the country cemented the fact that the “power of the people is certainly higher than the people in power”. However, everyone in Sri Lanka needs to think positive on any given occasion to strive and turn things around. This uphill battle is strenuous but not impossible. Sri Lanka definitely has to step up the game and look at ways that they have never looked at before.
The island nation is going through the most severe economic crisis since independence was gained in 1948.
However, there are many opportunities that Sri Lanka can focus on and capitalise on to recover from this economic chaos. Sri Lanka has amazing technology talent and currently, tech companies in Sri Lanka possess the most outstanding technology skills which are on par with global standards.
The gravity of the economic crisis can be understood by the following information. The economy is on course to contract by 8% this year, while the cost of many food products and fuel has tripled and currency has collapsed by 80%. The prevalent scares of food insecurity and political instability have put more pressure on the public.
Amidst this calamity, Sri Lanka has a fabulous opportunity to thrive in these circumstances. Challenges come in front of you carrying an opportunity. This opportunity may be the one which does the required paradigm shift or it can be the one that changes the game. Tourism which has been one of the top 3 foreign exchange earners has faced consequences since 2019 after Easter Attacks. However, it is still one of the most prominent and promising ways to earn foreign exchange for the island nation.
In my opinion, what Sri Lanka must do as priority number one is to create an environment where tourists can visit and experience diverse phenomena unique to Sri Lanka. From an entrepreneurship perspective, this is an era where experiences are branded, marketed and sold. However, the recovery has been quite slow. Within the first 8 months of 2022, Sri Lanka has earned an income of $900 Million. It is expected to attract 1 Million tourists by the end of 2022.
Sri Lankans have been going through a monotonous lifestyle over the years. Tourism is a great way to break the monotony people have been going through. Sports Tourism is a growing market. It has been forecast that the global sports tourism market will surpass USD 1 Trillion by 2030. Sri Lankans love Cricket and Cricket is one of the most growing sports in the sports tourism industry at a global level. From a sports perspective, apart from ticket sales and other sources of revenue, one of the most promising revenue generation engines is the broadcasting rights you obtain for sporting events. Sri Lanka can also look at hosting many other sporting events and gradually enter into obtaining broadcasting rights.
Sports tourism brings in another invaluable benefit to a country. That’s nation branding or country branding. A country’s socio-economic verticals are promoted through sports tourism projects. Especially culture can be promoted on a grand scale due to the diversity it creates when global sporting events take place.
Sri Lanka is a paradise of breathtaking destinations and you cannot see such scenic destinations as these anywhere else on this planet. Therefore, as a strategy to promote tourism in the country, film-induced tourism is a way forward for Sri Lanka. Film-Induced Tourism is about promoting locations where movies and TV Series were shot and emerald island is a destination where few Hollywood movies were shot. Film-Induced Tourism is a fitting destination marketing tool.
This is a great opportunity for Sri Lanka to promote its destinations to content creators from around the world and request them to visit Sri Lanka and kick off new content campaigns and give a shout-out about Sri Lanka to the world. A balance of movie-induced tourism (film-induced tourism) and content creators, influencers and so on. would definitely pave the way for a promising future for Sri Lanka. The country has plenty of cultural, heritage and archaeological value that can be captured and filmed by documentary crews from around the globe.
Israel recently launched a massive drive to promote its destinations as film locations. A somewhat similar strategy can be implemented in Sri Lanka. Sri Lanka can use this type of strategy to positively brand the country. Sri Lanka is a treasure trove for filmmakers around the world. There are many sites of historical value which can be converted into movie locations preserving their cultural heritage.
The scenic locations on this emerald island can certainly bring in revenue if they are promoted well. Also, there are many other aspects that need to be looked into when generating foreign exchange for the country. The export of IT talent is certainly one of them. Film tourism also has the potential to turn things around. Sports Tourism is another potential option.
Sri Lanka is a land filled with adventure. The historic locations which are in abundance have plenty of stories to tell. The chronicles of Sri Lanka have many adventures. Therefore, the island nation has immense potential for Adventure Tourism. Adventure Tourism is a growing market. It is set to hit almost USD 3,000 Billion by 2030. Adventure tourism revolves around exotic destinations and Sri Lanka is a fabulous land of exotic destinations. Sri Lanka certainly has massive potential for exponential growth if it focuses on these verticals of tourism.
Also, the country has to deviate from archaic thinking patterns because ideas which were generated 2, 3 or 4 decades ago are irrelevant now. The authorities have to understand that those ideas are obsolete and get into new ways of thinking.
The Gig Economy paves another path for economic recovery in Sri Lanka. There are youths who already earn foreign exchange through freelancing platforms or working as independent contractors or consultants for global business entities; especially teenagers. This has to be further encouraged and there must be state-level involvement to promote the gig economy model among the public.
The export of Sri Lankan tech talent is another fitting option to generate revenue. The youth needs to be armed with tech knowledge and curricula must be updated and developed in a way that suits the Web 3.0 world. Everyone is talking about Web 3.0 nowadays and it will play a pivotal role in the creator economy too.
My hope for Sri Lanka
I always believe that Sri Lanka is a blessed land with plenty of invaluable natural and human resources. These resources have to be nurtured and used in a way that the country creates cross-border relationships and ensures they are not wasted. There are multitudes of youth with brilliant ideas and now we see them getting into the creator economy by creating educational content on TikTok, YouTube and other social media platforms.
There are many Sri Lankans fit to conquer the world. They need proper grooming and guidance to pave the way for them to reach the apex. A little push will definitely propel them to the top. There is top-notch talent in various industries. Capitalising on these opportunities is a major responsibility of each and every Sri Lankan. It’s a challenging mission. However, this mission is not impossible.
It’s an era where all Sri Lankans must work with responsibility to uplift the country from its current status. The forward march should be carried out with patience and vigilance. Also, on the way, it is needed to grab the opportunities on offer. It is absolutely important to move forward with unity as demonstrated during the revolution which ousted the former President.
Unity among communities has always made a positive impact on Sri Lanka’s harmony. Warm hospitality is second nature to Sri Lankans and they never hesitate to treat one another with the utmost respect. Reskilling and upskilling of the Sri Lankan workforce have to be kicked off right now. It is a need of the hour and a quite crucial one. The reform in education to fit the future world needs to take place without further delay.
These reforms, adjustments and a new pattern of thinking would pave the way for the youth to revolutionise the world once again by surprising the entire globe through the flamboyant skills they showcase and have already showcased. Consistency matters in this context because it’s an uphill battle that is being waged. Sri Lankan youths are valiant souls with brilliant minds. They will position Sri Lanka at the apex if the proper grooming, guidance and support are provided to them.
Winston Churchill once said, “Never let a good crisis go to waste”. This should be Sri Lanka’s motto.
