Phoenix Ventures Group to spend millions to set up modern office complex in Colombo
Phoenix Ventures Group, which is a diversified business venture in the country, is reportedly setting up a modern office complex in the heart of Sri Lanka’s commercial capital, Colombo, with an investment of US$ 25 million.
An agreement to this effect was recently signed between Sri Lanka’s Board of Investment (BOI) and Phoenix Ventures, which is a subsidiary of Grafeio One Ltd.
According to reports, Phoenix Ventures has interests in apparel, polymer, and real estate.
The agreement was signed by BOI Chairman Eng. Raja Edirisuriya and Phoenix Ventures Chairman and Geafeio One Ltd., Director Aslam Omar. BOI Director General Renuka Weerakone and Sanjaya Herath from Geafeio were also present.
Sri Lanka’s ongoing development programme and the positioning of the country as a growing business destination in the South Asian region have expanded business/investment opportunities in Sri Lanka. The country’s geographical positioning in the Indian Ocean and the many trade agreements as well as concessions enjoyed by the country have also helped boost Sri Lanka’s attraction as a growing business destination. Despite facing the pandemic impact, Sri Lanka’s economy has shown great resilience and many private sector entities have posted profits indicating an increase in the country’s business potential. The overall expansion in Sri Lanka’s key economic sectors have presented many viable business/investment opportunities.
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