Feb 26, Colombo: Expolanka Freight (EFL), one of the largest freight forwarders in Sri Lanka, has become the first investment company to start operation in all hub activities in the country.
Expolanka Freight has signed an agreement with the Board of Investment (BOI) of Sri Lanka under the new commercial hub regulation to start hub operations, the BOI said in a release.
"With Sri Lanka aiming to be a global hub for apparels and other consumer product, the country is well positioned in Asia as an emerging maritime hub with the availability of deep draft ports along the east west shipping route," the BOI said.
Following the new legislation, the government has further opened up the economy to allow free port activities including those related to international logistics and warehousing.
EFL, one of the leading and well recognized freight solutions providers, has established Expo Global Distribution Centre (EGDC) focusing exclusively to handle international logistics and value addition activities for the fashion industry with the aim to expand into other verticals. This project marks a new frontier for both Sri Lanka and EFL to offer third party logistics and retail supply chain management solutions to global customers, the BOI said.
EGDC will be the first company under the new regulation which can accept cargo for international warehousing and conduct value additions ultimately supporting just in time inventory models that have become increasingly popular with retail brands. The new facility is based at the Katunayake Zone and will offer full services for enter port trade, cross trade along with international warehousing and multi country consolidation.
This initiative supports the government vision of Sri Lanka becoming a commercial logistics shipping and aviation hub and is the first of its kind in South Asia.