Iris Corp forms joint venture with Sri Lanka’s Aitken Spence for BPO services
The Malaysian Reserve: Iris Corp Bhd is teaming up with Aitken Spence PLC from Sri Lanka to establish an offshore company offering business process outsourcing services in the Colombo Port City Special Economic Zone.
Through its subsidiary Iris Tech Ventures Sdn Bhd, Iris Corp has signed a shareholders’ agreement with Aitken Spence International (Pte.) Ltd.
The joint venture will be a 50-50 partnership, with a total investment of $500,000. Iris expects the collaboration to enhance its business prospects and contribute positively to its consolidated earnings in the future.
This venture marks Iris’s continued presence in Sri Lanka, following previous partnerships in 2019.
OSL take:
The teaming up of Iris Corp with Sri Lanka’s Aitken Spence is indicative of the expanding opportunities in Sri Lanka, especially in the country’s corporate sector. Sri Lanka’s private sector has shown great resilience and strength through challenging economic times faced by the country, including the most recent economic crisis faced during the past few years. It is also indicative of the overall resilience and growth of the country’s economy. With Sri Lanka now working towards becoming an emerging business destination in the South Asian region, the country’s overall economy is on a growth trajectory opening up a host of new business/investment opportunities covering all key economic sectors. The growing business potential in Sri Lanka has attracted many foreign businesses/investors to explore the opportunities in the country and invest in them. Foreign businesses have also begun to explore the business/investment opportunities in forming joint ventures or partnerships with local businesses with the aim of further expansion.