Representatives from Marks and Spencer outlet stores a Division of Marks & Spencer (M&S), a leading British food and clothing retailer with operations worldwide, had discussions with the BOI on setting up a Regional Consolidation Centre for the Outlet Store division in Sri Lanka. `A0

This centre will provide warehouse facilities as well as function as a processing plant. The centre is the first of its kind in the industry and M&S is confident that it will indeed add value to its global supply chain.

Marks and Spencer outlet stores is a new range of retail stores under M and S Group and this division has seen a rapid growth during the last few years.

Sri Lanka is one of the leading material/apparel production countries in the world and owing to the investor friendly environment and the strong supplier base, M and S is keen on further expanding their operations in Sri Lanka. The team from M and S Outlet Stores had visited the local factories and was pleased at the policies adopted and the superior standard of the working conditions.

Currently, M and S purchases products from a number of local suppliers and is truly satisfied with the excellent quality of the products. Due to the long history of working in Sri Lanka, M and S is familiar with most of the major suppliers and is therefore comfortable in expansions.

During the discussions, Board of Investment Chairman/Director General, Prof. Watawala, highlighted that Sri Lanka is keen on increasing the export volume to the EU and suggested that M and S takes advantage of the GSP+ scheme which will facilitate exporting products to the EU at zero tax rate.