(MENAFN- Colombo Gazette)
Sri Lanka has been listed among countries in Asia seen as expensive for business travellers.
The latest Daily Rates research published by ECA International found that climbing inflation rates in many locations have contributed to significant increases in business travel costs in local currency terms, with costs rising the most in countries such as Sri Lanka, Laos, and Pakistan.
“Business travel expenses were over 75% higher in local currency terms in Colombo, Sri Lanka in 2022 compared to the year before,” said Lee Quane, Regional Director – Asia at ECA International.“This primarily stemmed from high inflation and currency depreciation, since some costs associated with business travel – such as hotel accommodation – are typically incurred in US dollars by foreign business travellers here.”
Singapore's early removal of travel restrictions compared to other locations in Asia sparked a rise in demand for travel to the city, contributing to its rise to become the second most expensive location in the region for business travel.
The average business trip to Singapore now costs USD 515 per day – an increase of USD 34 from the year before.
“Singapore overtook Tokyo in 2022 to become the second-most expensive city in Asia to visit for business,” Quane said.“Business travel to the city picked up earlier than most other locations in the region with the government's comprehensive lifting of travel restrictions. The resulting increase in demand contributed to rises in hotel accommodation costs, while costs associated with other daily essentials consumed by business travellers also increased at a faster rate than other locations in the region. Together, these propelled Singapore to second place in Asia and 19th worldwide”.
New York remains the most expensive location in the world for business travel, with the average daily cost of a business trip now standing at USD 796.
Updated annually, ECA's Daily Rates reports provide average costs for hotel accommodation – which makes up the bulk of any daily allowance – as well as meals, drinks, laundry, taxi costs, and daily essentials. This information is used by companies to determine daily expense allowances for staff who undertake business travel.
ECA International is the world's leading provider of knowledge, information, and software for the management and assignment of employees around the world. (Colombo Gazette)
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