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* Sri Lanka's BOI signs US$ 10 million Canadian investment for Hub Operation
Mon, Mar 17, 2014, 01:13 pm SL Time, ColomboPage News Desk, Sri Lanka.

Mar 17, Colombo: Sri Lanka's investment promotion agency recently signed an agreement with Glowbal Warehouse Outlets (Pvt) Ltd for a US$ 10 million investment to set up a warehouse and logistics center.

The Board of Investment of Sri Lanka signed the agreement on 13th March 2014 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 logistics center will be located in the Katunayake Export Processing Zone, near Sri Lanka's main international airport and will employ about 1,000 people, the BOI said. It will generate around 1000 direct employment opportunities, the BOI said.

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.

Glowbal Warehouse Outlets will provide import, store for global distribution, multi-country consolidation and transshipment and re-export goods.

It will also engage in activities such as sorting, spotting, cleaning, washing, tagging, packaging and loss prevention security, apparel, accessories and household items for international clients.

The BOI is actively promoting the hub operations sector which includes a wide range of new activities such as enterpôt trade, offshore business, front end services to clients abroad, regional headquarters and logistics service such as bonded warehouses.

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