By: Staff Writer February 20, Colombo (LNW): Marking a major step in one of South Asia’s most transformative development projects, Sri Lanka’s first-ever downtown duty-free shopping complex is set to be opened in April this year. Singapore-owned omnichannel retailer, One World Duty Free, and Port City Colombo have signed two agreements to operate the duty-free shopping complex in May 2024. One World Duty Free (ODF) and the Colombo Port City Economic Commission (Commission) have taken a pivotal step in their alliance. The connected agreements were ratified with ODF committing to a strategic partnership aimed at shaping Port City Colombo’s global trajectory. The partnership was underscored with the formalisation of two critical agreements: an Authorised Person Agreement between ODF and the Commission and a lease agreement between ODF and CHEC Port City Colombo Ltd (CPCC). These agreements, embodying their shared vision, lay the groundwork for ODF to transform Port City Colombo into an eminent global duty-free retail hub. Taking to ‘X’ (formerly Twitter), the Belt and Road Initiative Sri Lanka (BRISL) said, “Colombo Port City duty free shop will be opened in April”. In October 2023, the Sri Lankan government gazetted the requirements that need to be met in order to conduct duty-free retail business operations or duty-free shopping mall operations at the Colombo Port City. According to the relevant gazette, published by President Ranil Wickremesinghe in his capacity as the Minister of Investment Promotion, an investor is required to devote a minimum of US$ 5 million to run a duty-free retail business and have international-level experience in duty-free trade operations, while an investor needs to devote at least $7 million to run a duty-free shopping mall business. One World Duty Free Founder and CEO Keira Zhang said: “In our partners at Port City Colombo, we recognise a level of ambition which is perfectly aligned with One World Duty Free’s game-changing approach to duty-free retail. The opportunity to showcase our credentials on the world stage and contribute to the creation of a landmark destination in Asia is a key milestone in One World Duty Free’s journey of progressive expansion across Asia.” One World Duty Free (ODF) – Singapore-owned omnichannel duty-free operator – is set to develop and operate a 1,250 square metre duty free store at Port City Colombo, offering a curated mix of international brands spanning beauty, wellness, spirits and wines and fashion. ODF’s first retail store outside of Singapore will be nestled within a 7,000 square metre shopping oasis, Port City Duty Free Mall, primly positioned amidst a throng of international prestige hotels and casinos that promise a diverse and affluent customer base of tourists, expatriates, and locals. Construction of the ODF store commenced in mid-2023, with trading planned to kick off by early 2024.ODF Port City Colombo will offer travellers a purpose-built shopping environment enhanced by the company’s innovative approach to smart retail.