Sri Lanka approves US$ 900 million investment by Shang Properties
Sri Lanka’s State Minister for Investment Promotion and government spokesperson, Keheliya Rambukwella has reportedly said that Sri Lanka has approved a US$ 500 million mixed development project on state land in the country’s commercial capital, Colombo.
The US$ 500 million mixed development project is the first phase of a US$ 900 million investment.
The project’s main promoter is Shang Properties, which is a company linked to the Shangri-La group, the Minister has said.
According to reports, the project will come up on a six acre state land in Colombo around the Beira Lake area.
Rambukwella has said that Sri Lanka is providing the land on a 99-year lease, for which the investor had already paid US$ 100 million.
The land was originally advertised by the last administration but final approval was delayed.
The project will be a joint venture between Shang Properties and Kerry Investments of Hong Kong.
Foreign investments are now flowing in to Sri Lanka on a large scale given the country’s business conducive environment as well as the continuous growth in the ease of doing business environment in the country. Sri Lanka’s geographical positioning in the Indian Ocean, the ease of doing business environment in the country and the many trade agreements as well as trade concessions enjoyed by the country have made it an attractive business destination in the South Asian region. Foreign businesses/investors could therefore explore business/investment opportunities in Sri Lanka.
|Article Code :||VBS/AT/20200116/Z_6|