Italy’s Omega Line signs agreement with Sri Lanka’s Board of Investment to expand operations
The Board of Investment (BOI) of Sri Lanka has reportedly signed an agreement with Omega Line Ltd. to reconstruct the factory building complex at the existing premises as an expansion of its existing operations in the country.
The expansion is estimated to cost an additional investment of US$ 24 million.
The agreement was signed by BOI Chairman Mangala Yapa and Omega Line Group Sri Lanka Chairman Vincenzo Joppolo.
“The Omega Line factory will be expanded with an investment of about $24 million to rebuild our factory at Sandalankawa. It will be producing lingerie. They will be sold under the brands of Intimissimi, Tezenis, Calzedonia and Falconeri,” Joppolo has been quoted in the local media as saying in reference to the supplementary agreement.
“A very significant part of this agreement is that the new factory which will be built, will have an area of 17,000 sq. meters with much more modern machinery, and will be employing over 3,000 staff,” he has noted.
Joppolo further referring to Omega Line, which is a major manufacturer of lingerie in Italy, has said, “We are part of the Calzedonia group which has over 4,600 shops in 42 countries including in Europe, USA, Japan, China and most recently, in Korea.”
OSL take:
The million dollar expansion plans of Italian based Omega Lines in Sri Lanka is indicative of the growth potential in Sri Lanka’s business environment. The country continues to climb in the Ease of Doing Business Environment and the pro-business/investment policies adopted by the government of Sri Lanka has further boosted the country’s economic environment. Foreign businesses/investors could therefore explore business/investment opportunities in Sri Lanka.
| Article Code : | VBS/AT/25102019/Z_1 |