The Sri Lankan government has 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.
The requirements were stipulated in a special communiqué, dated October 25, 2023, published by President Ranil Wickremesinghe in his capacity as the Minister of Investment Promotion.
Gazette was issued under the provisions of the Colombo Port City Economic Commission Act, No. 11 of 2021.
Accordingly, an investor is required to devote a minimum of USD 5 million to run a duty-free retail business and have international-level experience in duty-free trade operations.
Meanwhile, an investor needs to devote at least USD 7 million to run a duty-free shopping mall business.(AD)
