(MENAFN- Muscat Daily) Muscat- To further boost its sourcing operations and to bring in high quality products for its large chain of hypermarkets, Middle East-based retail giant Lulu Group inaugurated its world-class sourcing, food processing and export unit in Sri Lanka.
Y A S Lanka was inaugurated by Sagala Ratanayaka, chief of staff to the PM and Minister for Law & Order and Southern Development, in the presence of Duminda Dissanake, Minister of Agriculture, Navin Dissanayake, Minister of Plantation Industries, Eran Wickramaratne, State Enterprise Development Minister, Yusuffali M A, chairman of Lulu Group, other high ranking officials and prominent businessmen. Situated ideally in the Katanayake Export Processing Zone, near Colombo International Airport, the state-of-the-art facility will primarily focus on sourcing, processing, storing, packaging and exporting of fruits, vegetables and commodities from Sri Lanka to various Lulu operations around the world.
Speaking at the inauguration, Yusuffali said, 'It is our ongoing strategy to set up our own sourcing and food processing units around the world to ensure uninterrupted supply and ensure competitive pricing by eliminating middle men. Sri Lanka has a vast variety of fruits, vegetables and various commodities and we are working closely with the Ministry of Southern Development and Govt of Sri Lanka to boost the export of these. We are already exporting almost US$5mn worth of fruits, vegetables and commodities, which is expected to go up to US$10mn by the end of first year.' The quantum of export is expected to raise from current 3,500 tonnes to 7,000 tonnes.
Currently, Lulu operates 134 hypermarkets in Gulf countries, Egypt, India and the Far East and employs over 40,000 people. Last year, the group recorded an annual turnover of US$6.9bn and was ranked as the number one retailer in the Middle East and North Africa region and as one of the Top 50 fastest growing retailers in the world by Deloitte.
Yusuffali will also be holding meetings with Sri Lankan President Maithripala Sirisena and Prime Minister Ranil Wickramasinghe to update them about Lulu's future plans.
'Initially, we invested US$20mn in this facility, and soon, we intend to venture into the retail sector with a world-class shopping mall and modern hypermarket in Colombo,' added Yusuffali.
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