‘The Mall’: Duty-free shopping complex declared open at Port City Colombo
Posted on September 5th, 2024
Courtesy Adaderana
President Ranil Wickremesinghe officially opened The Mall,” a newly constructed duty-free shopping complex in the Colombo Port City area on Thursday (September 5).
This marks the debut of the first urban duty-free shopping mall in the region, featuring a range of stores, restaurants, and various retail outlets, the PMD said.
Notable international duty-free retailers, including One World, China Duty Free Group (CDFG), and Flemingo will be operating within the mall, positioning the Colombo Port City as a premier shopping destination.
Following the unveiling of a commemorative plaque and the official opening, the President embarked on an observation tour of the new complex.
In his address at the occasion, President Ranil Wickremesinghe reflected on the rapid development of the port city, noting that two years ago, such progress seemed unlikely. He attributed this turnaround to his government’s efforts in establishing economic stability, supported by the International Monetary Fund (IMF), which has enabled the Port City’s financial sector to advance.
The President also highlighted that approximately 100 companies are now interested in the Port City, with 74 expected to commence investment activities by the end of the year. He expressed optimism about the future growth and potential of the area.
In October 2023, the Sri Lankan government gazetted the requirements that need to be met in order to conduct duty-free retail business operations or duty-free shopping mall operations at the Colombo Port City.
According to the relevant gazette, published by President Ranil Wickremesinghe in his capacity as the Minister of Investment Promotion, an investor is required to devote a minimum of USD 5 million to run a duty-free retail business and have international-level experience in duty-free trade operations, while an investor needs to devote at least USD 7 million to run a duty-free shopping mall business.
In May 2023, Singapore-owned One World Duty Free and the Colombo Port City signed two agreements to operate Sri Lanka’s first downtown Duty-Free store.