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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Expo Global Distribution Centre begins Sri Lanka free-port operations

Expo Global Distribution Centre begins Sri Lanka free-port operations

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SHARK aka TAH

SHARK aka TAH
Expert
Expert


Expo Global Distribution Centre begins Sri Lanka free-port operations

08 May, 2014 12:04:05

May 8, 2014 (LBO) - Expo Global Distribution Centre (EGDC) a logistic firm set up under Sri Lanka's free port regulation aimed at boosting entrepot trade and multi-country consolidation has begun operations.

Sri Lanka's state investment promotion agency said the first shipment to ReimaOy Finland has been made with Eskimo Fashion Knitwear making use of the facility.
"ReimaOy are one of Eskimo's major customers," Manik Santiapillai, Managing Director Eskimo Fashion Knitwear (EFL) was quoted as saying by Sri Lanka's Board of Investment.

"When they expressed an interest to shift warehousing & export operations from China to Sri Lanka we referred them to Expo who are Eskimo's logistics partner."

EGDC functions allowing retail brands to bring down goods to Sri Lanka without any customs inspection or duty.

The facility operates as a distribution centre, providing storage solutions and value addition services, primarily targeted at the fashion and apparel industry, the BOI said.

Sri Lanka introduced new regulations to promote free port activities as part of a strategy to make Colombo a logistics hub.

"This is an important milestone not only for EFL but also for Sri Lanka as a country seeking economic progress on par with countries such as Dubai and Singapore which already have such commercial hub facilities," Hanif Yusoof, group chief executive of Expolanka Holdings PLC said.


"As a prominent player in Sri Lanka’s Freight and Logistics sector, we find the Government’s strategic approach to encouraging the sector heartening."
The BOI said it is actively promoting similar projects which will generate employment.

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