Sri Lanka is launching its first ever think tank for the tourism industry to sustain its post-war boom of foreign tourist arrivals, an official said here on Wednesday.

The new establishment, the Center for Research and Sustainability Studies in Tourism (CRST), will gather information, analyze and disseminate data for better decision making in the industry, co-founder of the center Dileep Mudadeniya said.

"CRST will act as an independent body with a sound research database, providing actionable data, analysis and studies supporting the development of tourism in Sri Lanka at the macro level, gearing up to the arrival of more than a million visitors by the end of 2012," he added.

Sri Lanka's tourism industry has boomed since the end of a three decade conflict in 2009.

Deputy Economic Development Minister Lakshman Yapa Abeywardana told media last week that the government had signed a 450-million- US dollar mixed development project with India's Krrish Group that would include a seven-star hotel in the heart of Colombo.

This is the latest investment since Sri Lanka's tourism took off after 30 years of civil war.

Several international brands including Shangri-la, Sheraton, Hyatt and Sun City have already signed agreements to invest around $2 billion in hotel projects in Sri Lanka.

During the first eight months of 2012, tourist arrivals rose 15. 8 percent to 622,661 year on year, with the August number increasing 9.7 percent.

Sri Lanka has set a target to receive 1 million tourists in 2012.