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Thursday Dec 12, 2024
Tuesday, 18 March 2014 01:12 - - {{hitsCtrl.values.hits}}
The Board of Investment (BOI) has signed an agreement with Glowbal Outlets Ltd., a Canadian investment, for a project to undertake logistics services for international clients.
BOI Chairman Dr. Lakshman Jayaweera signed the agreement on behalf of the BOI and President Ramzey Hammound signed the agreement on behalf of Glowbal Outlets.
The venture, which is the second warehouse investment project signed under ‘Hub operations,’ will be located at the Katunayake Export Processing Zone. It is an investment that will generate many direct employment opportunities.
The hub operation is an integral part of the policy of the Government to transform Sri Lanka into an economic hub for aviation, maritime activities, energy, knowledge, commercial activities and tourism.
These operations are a new sector which the BOI is actively promoting. It includes a wide range of new activities such as entre-pot trade, offshore business, front-end services to clients abroad, regional headquarters and logistics services such as bonded warehouses.
Glowbal Warehouse Outlets engages in business activities by providing logistic services to international client’s storage for global distribution, multi country consolidation, warehousing, inventory management, trans-shipment services, freight forwarding for clients abroad, logistics value additions and re-exportation of products.
Glowbal Outlet stores mainly focus on the Middle East market and will penetrate Europe in the future. Investors are Canadians of Lebanese origin and currently have operations in the Free Trade Zone in Beirut, Lebanon.
