Anticipation mounts as Sri Lanka gears up to unveil its maiden downtown Duty-Free establishment within the vibrant Colombo Port City come April 2024.
Breaking the news on 'X' (formerly Twitter), the Belt and Road Initiative Sri Lanka (BRISL) confirmed the imminent launch, stating, "Colombo Port City duty-free shop will be opened in April."
This milestone follows a series of significant developments, including the Sri Lankan government's establishment of stringent guidelines for duty-free retail operations at the Colombo Port City. In October 2023, these requirements were officially gazetted by President Ranil Wickremesinghe, who serves as the Minister of Investment Promotion.
Outlined in the gazette, investors aiming to engage in duty-free retail endeavors must allocate a minimum of USD 5 million and possess extensive international experience in duty-free trade operations. Meanwhile, those venturing into duty-free shopping mall enterprises are mandated to allocate at least USD 7 million.
The path to this groundbreaking initiative was paved in May 2023, when Singapore-based One World Duty Free and the Colombo Port City inked two pivotal agreements. These agreements solidified plans for operating Sri Lanka's premier downtown Duty-Free emporium, promising an exciting addition to the nation's commercial landscape.
With the imminent arrival of the downtown Duty-Free store, Colombo Port City is poised to emerge as a premier shopping destination, offering both locals and tourists unparalleled retail experiences against the backdrop of Sri Lanka's thriving metropolis.
