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US $ 10mn Canadian investment signed for Hub Operation

Fri09212018

Last update20:30:07 UTC 2018


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US $ 10mn Canadian investment signed for Hub Operation

Glowbal

The Board of Investment of Sri Lanka signed on 13th March 2014 an agreement with GLOWBAL Outlets (Pvt) Ltd which is a Canadian Investment for a project to undertake logistics services for international clients.

 

Dr Lakshman Jayaweera, Chairman of the BOI signed the agreement on behalf of the BOI and Mr Ramzey Hammound, President of the company signed the agreement on behalf of Glowbal Outlets. The venture which is the second warehouse investment project signed under the “Hub operations” will be located at the Katunayake Export Processing Zone. It is an investment of US $ 10 Million and will generate around 1000 direct employment opportunities.

 

The Hub Operation is an integral art 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 enterpot trade, offshore business, front end services to clients abroad, regional headquarters and logistics service such as bonded warehouses.

 

Glowbal Warehouse Outlets (Pvt) Ltd engages in business activities by providing logistic services to international clients involved in importation of finished products, 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 focuses on the Middle East market and will penetrate Europe in the future. Investors are Canadians of Lebanese origin and currently have their operations in the Free Trade Zone in Beirut Lebanon.

 

 

Business


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