Sri Lanka’s Laugfs Lubricants kicks off global foray with entry into Bangladesh
Daily FT: Illustrating the Company’s robust presence and the global expansion drive, LAUGFS Lubricants, recently expanded its presence to Bangladesh.
A fully owned subsidiary of LAUGFS Holdings, LAUGFS Lubricants has been offering lubricant solutions for every class of motor vehicle since its inception in 2008.
As the only Sri Lankan Company with its own lubricant blending license, LAUGFS Lubricants has become a dominant player amongst multinationals.
“In spite of the pandemic-driven challenging macroeconomic conditions that prevail across the globe, we at LAUGFS Lubricants have been able to steer forth strongly to achieve our goals through adopting a pragmatic and market sensitive approach.
Our expansion into Bangladesh is the first step in our global expansion drive, a comprehensive journey that we have chartered for the Company. As such, this is a proud moment not only for LAUGFS Lubricants but also for Sri Lanka as a nation,” LAUGFS Holdings Limited Group Chairman W.K.H. Wegapitiya said.
LAUGFS Lubricants combines global technology and local expertise through conducting extensive research and development to manufacture lubricants that suit the tropical climate experienced in Sri Lanka and the rest of the South Asian region.
The unique lubricant formulations that LAUGFS Lubricants continue to offer are created with cutting-edge research and innovation combined with the unmatched experience and insights LAUGFS has gained in the local lubricant industry.
“Expanding our presence to Bangladesh is an important milestone in our strategic journey. As a truly Sri Lankan conglomerate with entrepreneurial beginnings, we are pleased to be on track, in our strategic path to grow in a sustainable manner to build a global presence as a trusted, profitable and viable multinational. Our growth efforts reach beyond Company goals to become champions of propelling the Sri Lankan economy on an upward trajectory,” said LAUGFS Holdings Group Deputy Chairman Thilak De Silva.
Many Sri Lankan businesses are currently expanding operations including to other countries. This is indicative of the strength and growth of Sri Lanka’s private sector as well as the country’s overall economy. With Sri Lanka positioning itself as an emerging business destination in the South Asian region supported by its ongoing development programme have increased the business potential in many economic sectors in the country. Sri Lanka’s geographical positioning in the Indian Ocean and the many trade agreements as well as concessions enjoyed by the country have further helped boost the country’s image as a business hub in the region. Foreign businesses/investors could therefore explore the growing opportunities in Sri Lanka as well as look at forming partnerships or joint ventures with local businesses.
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