President Wickremesinghe Inaugurates Colombo Port City’s First Urban Duty-Free Mall

September 06, Colombo (LNW): President Ranil Wickremesinghe inaugurated “The Mall,” the first urban duty-free shopping complex in the Colombo Port City, on September 5. This new addition features a variety of stores, restaurants, and retail outlets, including international duty-free retailers such as One World, China Duty Free Group (CDFG), and Flemingo, aiming to position the Port City as a premier shopping destination.

During the event, the President unveiled a commemorative plaque and toured the new facility. In his address, he emphasized the rapid development of the Port City, crediting his government’s efforts in achieving economic stability with support from the International Monetary Fund (IMF). He noted that this stability has facilitated growth in the Port City’s financial sector.

President Wickremesinghe highlighted that approximately 100 companies are now interested in investing in the Port City, with 74 expected to begin activities by the end of the year. In October 2023, the Sri Lankan government gazetted the requirements for conducting duty-free retail and shopping mall operations in the area, including a minimum investment of USD 5 million for a retail business and USD 7 million for a shopping mall.

In May 2023, Singapore-owned One World Duty Free signed agreements with Colombo Port City to operate Sri Lanka’s first downtown duty-free store, underscoring the area’s potential as a significant commercial hub.