SRI LANKA TO OPEN FIRST DOWNTOWN DUTY FREE SHOP IN APRIL 2024

Sri Lanka is set to welcome its first downtown Duty Free store, slated to open its doors in April 2024 at Colombo Port City.

The announcement was made by the Belt and Road Initiative Sri Lanka (BRISL) via ‘X’ (formerly Twitter), confirming the imminent arrival of the Colombo Port City duty-free shop.

There was to be a 5,000 US dollar allowance for returning Sri Lankans and any amount for foreigners, according to concessions gazetted on May 29.

In October 2023, the Sri Lankan government established regulations for conducting duty-free retail and duty-free shopping mall operations within the Colombo Port City.

These requirements were outlined in a gazette published by Sri Lankan President Ranil Wickremesinghe, who also serves as the Minister of Investment Promotion.

According to the gazette, investors interested in establishing duty-free retail businesses must commit a minimum of USD 5 million and possess international-level experience in duty-free trade operations.

For those intending to establish duty-free shopping mall businesses, a minimum investment of USD 7 million is mandated.

In May 2023, One World Duty Free, a Singapore-owned company, signed two agreements with Colombo Port City to operate Sri Lanka’s first downtown Duty Free store.

Port City Colombo is a large-scale development project covering an area of 269 hectares of reclaimed land. It aims to serve as a new economic hub for the country, offering a range of commercial and residential opportunities