Kerry Logistics Forms New Joint Venture in Sri Lanka
to Strengthen IFF Capabilities in South Asia
2020-05-11 - Hong Kong
Kerry Logistics Network Limited (‘Kerry Logistics’; Stock Code 0636.HK) announced a new joint venture, Kerry Logistics Lanka (Pvt) Ltd (‘Kerry Lanka’), formed with IAS Holdings (Pvt) Ltd in Sri Lanka to strengthen its international freight forwarding (‘IFF’) capabilities in South Asia.
Headquartered in Colombo, Sri Lanka, Kerry Lanka sits at the strategic crossroads of East Asia, South and South East Asia, Africa and Europe. As part of Kerry Logistics’ South Asia operation, Kerry Lanka operates an office in Colombo, as well as a bonded facility and office for export purposes at the Bandaranaike International Airport.
In 2019, 46% of the total export of Sri Lanka derived from the textiles and garments industry, amounting to US$5.6 billion, according to the Central Bank of Sri Lanka’s external sector performance review. There are more than 300 apparel manufacturers in Sri Lanka, which are well connected to the super brands in Europe and the US. Kerry Logistics’ expansion to Sri Lanka will enable it to tap into the opportunities therein by offering a suite of services consisting of air and ocean freight, customs brokerage, inland trucking, multi-country consolidation, project cargo, warehousing and value-added services such as pick/pack, purchase order management, quality control, packaging and labelling, garment-on-hangers and entrepot services.
Patrick Cheah, Executive Director – Global Air of Kerry Logistics, said, “Located in Sri Lanka, the intersection of freight routes in South Asia, Kerry Lanka will become a significant hub for Kerry Logistics and give a strong boost to our global connectivity. Plans are also in place to aggressively focus on the upstream of the supply chain to support the fashion industry vertical. The forming of the joint venture also marks the deepening of our presence in the South Asian subcontinent, rounding out our full suite of services in the region.”
In addition to Kerry Indev Logistics in India, Kerry Logistics has also established a subsidiary in Pakistan in 2018 to extend its footprint in the Indian subcontinent.
About IAS Holdings
IAS Holdings is an investment company in Sri Lanka with diversified businesses including airline GSA business and international transportation. One of its shareholders has over 25 years of experience in the logistics industry and supply chains.