Dubai’s Lulu retail group announce increasing of imports from Sri Lanka
Dubai’s Lulu retail group has reportedly said it is looking at increasing imports from Sri Lanka with the company also being urged by a Sri Lankan delegation visiting the United Arab Emirates (UAE) to consider backward integration in Sri Lanka.
Sri Lanka’s Export Development Board (EDB) has reported that the visiting delegation was informed that the Lulu Group’s target is to increase imports from Sri Lanka to US$ 10 million in 2019 from US$ 6 million last year with the support of Sri Lankan entrepreneurs.
According to the local media, Lulu Group already has a food processing unit at an Export Processing Zone at Katunayake in Sri Lanka, which is near the country’s international airport, to export to its large chain of hypermarkets in the Middle East.
The pledge to increase imports from Sri Lanka was given to the Sri Lankan delegation which visited the Lulu Group International Regional Office in Dubai recently, the local media reports state.
The team from Lulu was headed by Shabu Abdul Majeed, the Director of Retail Operations at the Lulu corporate Headquarters, a statement from Sri Lanka’s EDB has said.
Chairperson and Chief Executive of EDB Indira Malwatte has reportedly proposed that Lulu look into backward integration for selected fresh produce under the Sri Lanka’s “One Product – One Village Programme,” which aimed to support village production.
Malwatte has also briefed the Lulu Group on the new product categories that could be introduced to their distribution channel.
OSL take:
The decision by Dubai’s Lulu Group to increase imports from Sri Lanka is an encouraging sign for the local exports sector. Sri Lanka’s exports sector has been recording a steady growth in the past few months. The country’s geographical positioning in the Indian Ocean and the many trade agreements as well as trade concessions enjoyed by it have given a further boost to Sri Lanka’s exports sector. The government of Sri Lanka is also engaged in a trade and investment promotions drive. Given the benefits enjoyed by Sri Lanka when reading with key foreign markets and the ease of doing business in the country, foreign businesses/investors could explore business/investment opportunities in Sri Lanka’s exports sector.
| Article Code : | VBS/AT/25072019/Z_3 |