Sri Lanka US$10mn warehouse by Glowbal Outlet Stores

Mar 17, 2014 (LBO – A 10 million US dollar warehouse and logistics centre will be set up in Sri Lanka by Glowbal Outlet Stores, a firm founded by Canadians of Lebanese origin, the state investment promotion agency said. Ramzey Hammound president of Glowbal Outlets and Board of Investment of Sri Lanka chairman Lakshman Jayaweera had signed the investment agreement.

The logistics centre 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.

Glowabal Warehouse Outlets will provide import, store for global distribution, multi-country consolidation and tansshipment 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.

It will initially focus on the Middle East but plans to serve Europe later, the BOI said.

Global Outlet Stores are located in Lebanon.

BOI said the warehouse falls in line with a state strategy to make Sri Lanka a logistics hub, providing for activities such as entrepot trade, off-shore business and bonded warehouses.