President Ranil Wickremesinghe inaugurated “The Mall,” a modern duty-free shopping complex at Colombo Port City, marking a significant milestone for the city’s development. This new shopping destination is expected to boost Sri Lanka’s tourism sector, enhance investor confidence, and position Colombo Port City as a major international business hub.
Boosting Tourism and Business
During the event, President Wickremesinghe emphasized the importance of “The Mall” for Sri Lanka’s tourism industry. He noted that the complex, covering 7,000 square meters, will attract tourists and elevate the country’s tourism offerings to international standards. “This is a key step toward positioning Colombo Port City as a regional hub for business and tourism,” he said. He also praised the collaboration between China Duty Free, Oneworld Duty Free, and Flemingo International in making this project a reality.
Development of Colombo Fort as a Tourism Zone
President Wickremesinghe revealed plans to further develop Colombo Fort as a new tourism zone, which will work alongside Port City’s growth. He also highlighted the strong interest from international companies in investing in the Port City. “We have received around 100 inquiries from global companies, with 74 showing serious interest,” he said, attributing this to the economic stability Sri Lanka has achieved.
A Historic Moment for Sri Lanka
State Minister of Investment Promotion, Dilum Amunugama, called the opening of “The Mall” a historic achievement for the country. He explained that this is the first duty-free shopping complex built in Colombo’s city center, overcoming many regulatory challenges. He acknowledged the efforts of key figures like Chairman Dinesh Weerakkody and Ministry Secretary M.M. Naimuddin in making this project successful.
Amunugama also thanked President Wickremesinghe for his leadership during a critical time for Sri Lanka’s economy. He noted that with the recent approval of key regulations, including banking provisions, Colombo Port City is now fully operational and ready for business.
Investment Requirements
In October 2023, the Sri Lankan government set the regulations for operating duty-free retail businesses in Colombo Port City. Investors are required to commit at least $5 million for duty-free retail businesses and $7 million for shopping malls, along with international experience in duty-free trade.
The inauguration was attended by notable figures, including 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 several other government officials and business leaders.
By launching “The Mall,” Sri Lanka takes another step towards strengthening its tourism sector and establishing Colombo Port City as a leading business destination in the region.
