Sri Lanka’s Board of Investment receives FDI to set up Fantasy Island in Sri Lanka by 2020
Sri Lanka’s state investment pro motions agency, the Board of Investment (BOI) has reportedly stated that the government of Sri Lanka has received a foreign direct investment (FDI) to set up Fantasy Island, a family entertainment center featuring a 40m Ferris wheel to be developed at Waters Edge in Battaramulla, that will be opened to the public in 2020.
The BOI has stated that Fantasy Island (Private) Limited and the Board had signed the agreement for the investment on Wednesday (17).
The Company has reportedly stated that it aims to make Fantasy Island Colombo’s premier family entertainment center and in addition to the 40m Ferris wheel, it will feature an indoor snow experience and a big waterplay-area including waterslides.
The Melchers Group, which has been active in Sri Lanka for over 35 years, combines local expertise with international entertainment experience for development and operations.
“In phase 1, the investment of more than US$4 million will bring inclusive attractions for the entire family which are truly unique to Sri Lanka. Fantasy Island will create over 60 employment and career development opportunities for the community,” Michael Perera, Chairman of CMC Engineering Export, the Sri Lankan office of the Melchers Group has been quoted as saying.
Alexander Melchers, Managing Director of the Melchers Group in South-East Asia and founding investor has said, “We believe in the local and international tourism industry of Sri Lanka. I am very confident in the business outlook in Sri Lanka. We represent German, Singaporean, and Swiss investors who believe in the long term potential of Sri Lanka. We are very impressed with the support of the BOI in the process to set up the investment companies.”
The project developer and operator expects to carry out ground breaking within two to three months and the total development time is expected to be around 12 months.
“Sri Lanka has made great progress to build hotels and infrastructure. Now, Fantasy Island is the beginning of the next development phase of the tourism industry. We will provide a purpose-built, state-of-the-art family entertainment attraction to cater for international and local tourists and residents,” Melchers has added.
OSL take:
The development of a Fantasy Island entertainment facility in Sri Lanka by 2020 is indicative of the varying business/investment portfolio in the country. Sri Lanka is currently engaged in a development programme aimed at becoming a key hub in the South Asian region. Given the country’s geographical positioning in the Indian Ocean region, it is easy for Sri Lanka to achieve this goal through commitment and investment. Therefore, foreign businesses/investors could explore business/investment opportunities in Sri Lanka’s development programme.
| Article Code : | VBS/AT/22072019/Z_5 |