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President Ranil Wickremesinghe – Pic by Upul Abayasekara
President Ranil Wickremesinghe last night inaugurated “The Mall”, a state-of-the-art duty-free shopping complex at the Port City, making the beginning of active operations within the Colombo Port City development.
Speaking at the event, he stressed the significance of the new shopping complex. “The Mall is expected to boost Sri Lanka’s tourism sector, enhance investor confidence and position Colombo Port City as a major hub for international business and tourism in the region,” he said.
Wickremesinghe said the shopping complex is an important step in boosting our tourism industry, brining it in line with international standards. It will serve as a new attraction for tourists,” he said, expressing his satisfaction with the collaborative efforts of three companies – China Duty Free, Oneworld Duty Free and Flemingo International.
“Covering 7,000 square meters, “The Mall” is expected to become a key tourist hotspot,” he reiterated.
President also revealed plans to further develop Colombo Fort as a new tourism zone, which will complement the Port City’s growth.
He also noted the strong interest from international companies, with around 100 inquiries received about opportunities within the Port City and said that 74 of those companies have shown serious intent, reflecting the economic stability achieved by Sri Lanka.
State Minister of Investment Promotion Dilum Amunugama acknowledged the opening of “The Mall” as a historic moment for Sri Lanka.
“This is the first time a duty-free shopping complex has been built in the city centre and it was no easy feat. We faced numerous challenges, especially in navigating the existing regulations, but thanks to the determination of key individuals like my Chairman Dinesh Weerakkody and Ministry Secretary M.M. Naimuddin, we were able to overcome those obstacles,” he said.
Amunugama also expressed his gratitude to President Wickremesinghe for his leadership during this critical time, when bold steps were needed to revive the economy.
He further highlighted that with Cabinet’s recent approval of the necessary regulations, including key banking provisions, the Port City Colombo is now fully operational and ready to conduct business activities.
In October 2023, the Government gazetted the regulations required to operate duty-free retail businesses or shopping malls in Colombo Port City. Accordingly, investors must commit a minimum of $ 5 million for a duty-free retail business and at least $ 7 million for a shopping mall. Additionally, investors must have international experience in duty-free trade operations.
The event was also attended by Speaker Mahinda Yapa Abeywardena, Chinese Ambassador to Sri Lanka Qi Zhenhong, Minister Bandula Gunawardena, Eastern Province Governor Senthil Thondaman, Prime Minister’s Secretary Anura Dissanayake, and other high-ranking Government officials, and business leaders. (CdeS)
