Budget snippet: Phoenix Park investment to expand

More than 70 lots are due to be rolled out at Phoenix Park Industrial Park in 2023, the Finance Minister, Colm Imbert, has announced.

In an update on the park in his budget presentation, Imbert said 78 lots and five factory shells are to be released in 2023. He said 11 investors are on board and negotiations are ongoing for nine more.

He said a fourth Chinese investor is among them. Plans for the park include a bonded trade and investment centre, and displays for up to 500 manufacturers.

An estimated $688 million was allocated for the park, which is under the management of Evolving Technologies Ltd. It is being built by Beijing Construction Engineering Group.