Pakistan- Sri Lanka joint venture to produce and export high-end footwear
View(s):Pakistan’s leading conglomerate, Service Industries and Sri Lanka’s Almar Group last week announced a joint venture for the manufacture and export of high end shoes.
Picture shows from left: Omar Saeed, CEO of Service Group and Asanga Weerasinghe, Joint Managing Director of Almar Group after signing the agreement
The newly built facility in the Export Promotion Zone at Katunayake will commence operations next month. The agreement was signed by Service Industries’ Chief Executive Officer, Omar Saeed and Almar Group’s Joint Managing Director, Asanga Weerasinghe.
Under this, Service Shoes Lanka (Pvt) Ltd, will initially develop, manufacture and export shoes to top brands in the UK, with plans to expand the facility to employ up to 500 people with an export target of US$10 million of leather shoes by 2018.
“The new operation combines the resources and expertise of one of Pakistan’s largest industrial organisations, with core businesses in footwear, retail, tyre and auto parts, and the experience of the established Sri Lankan family business that holds a diverse portfolio of businesses in international trade, manufacturing and renewable energy,” according to an Almar Group media release.
Speaking on the occasion, CEO of Service Group, Omar Saeed said, “Sri Lanka was chosen as our first foreign destination for a Service factory, mainly because of skilled workforce, world-class logistics and foreign investor-friendly policies.”
“Service and Almar have a history of working together and this venture represents each organisation’s commitment to ensuring that Service Lanka is a resounding success,” explained Amanda Weerasinghe, Joint Managing Director of Almar Group.