A Gazette notification has been issued outlining the requirements for investors interested in carrying out duty-free retail trades or operating duty-free shopping malls within the Colombo Port City.
The Gazette has been issued by President Ranil Wickremesinghe in his capacity as the Minister of investment Promotion.
According to the notification, investors must invest a minimum of USD 5 million to run duty-free retail businesses. In addition, the promoter must have global experience in duty-free trade operations to be considered eligible.
On the other hand, investors must invest a minimum of USD 7 million to run duty-free shopping malls.
This notification is expected to boost investors’ interest in the Colombo Port City, which is becoming a hub for trade and commerce in the region. The initiative will not only create new job opportunities but also increase the inflow of foreign investments to Sri Lanka.
