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President Ranil Wickremesinghe officially opened “The Mall,” a newly constructed duty-free shopping complex in the Colombo Port City area today (September 5).

This marks the debut of the first urban duty-free shopping mall in the region, featuring a range of stores, restaurants, and various retail outlets. Notable international duty-free retailers, including One World, China Duty Free Group (CDFG), and Flemingo will be operating within the mall, positioning the Colombo Port City as a premier shopping destination.

Following the unveiling of a commemorative plaque and the official opening, the President embarked on an observation tour of the new complex.

In his address at the occasion, President Ranil Wickremesinghe reflected on the rapid development of the port city, noting that two years ago, such progress seemed unlikely. He attributed this turnaround to his government’s efforts in establishing economic stability, supported by the

International Monetary Fund (IMF), which has enabled the Port City’s financial sector to advance.

The President also highlighted that approximately 100 companies are now interested in the Port City, with 74 expected to commence investment activities by the end of the year. He expressed optimism about the future growth and potential of the area.

Addressing the gathering, President Ranil Wickremesinghe further elaborated;

The inauguration of this duty-free centre in the Port City today marks a significant milestone. Our tourism industry has now gained global prominence, attracting visitors who are drawn to this new shopping complex. The development of shopping malls in the Port City is a key part of our strategy to enhance the region’s appeal and provide goods for tourists. This represents the beginning of a new era for the Port City.

Two years ago, the prospect of such development seemed improbable. However, we have made this progress possible through our efforts to establish economic stability, with crucial support from the IMF. Our agreements with the IMF, the World Bank, the Asian Development Bank (ADB), and 18 lending countries have been instrumental in advancing this program. Maintaining these agreements without alterations is essential for securing a prosperous future for our country. Any attempts to modify these agreements could jeopardize our on-going progress and future prospects.

Approximately 100 companies are currently directing their attention towards the Port City. Of these, 74 companies are expected to arrive in Sri Lanka by the end of this year. Additionally, a new tourist zone will be established in Colombo Fort, which is anticipated to increase the number of visitors to these areas.

The police headquarters has been relocated, and the Foreign Ministry is moving to a new building. Plans are underway to renovate the Republic Square and construct new buildings in its centre, aiming to develop the area into a tourist zone. The old post office building will also be utilized to advance the tourism industry. The old port and its jetty, as well as the old customs building, will be repurposed for tourism.

The naval headquarters has been relocated to Akuregoda, creating opportunities for new hotel developments in that area. The current President’ House will also be leveraged to expand the tourism sector, with plans to create a robust tourism industry there.

To develop the country, it is essential to attract a larger number of tourists and increase the revenue generated from them. We should take pride in being able to initiate such a shopping complex within two years. Three renowned global companies have already established themselves within a 7,000-square-meter area, with more expected to arrive. We are committed to securing the country’s economic stability and advancing the Port City to become a globally recognized centre.

State Minister for Investment Promotion Dilum Amunugama;

The opening of the duty-free shopping complex in the heart of the city, for the first time in Sri Lankan history, is a significant milestone. I extend my gratitude to everyone involved in making this a reality.

Mr. President, you understand the challenges of this process. Navigating the existing regulations and executing this unprecedented initiative has not been easy. My Chairman, Mr. Dinesh Weerakkody, is well aware of the obstacles faced. We have operated within the current framework, adhering to old laws and regulations.

Special thanks are due to Mr. Dinesh Weerakkody for his relentless efforts, and to the Secretary of our Ministry, Mr. M.M. Nayeemudeen, and my additional Secretaries for their support. I also thank Mr. Revan and the Managing Director for their efforts in making this project successful.

We are now entering a new phase. Yesterday, all necessary regulations for the Colombo Port City, including important banking regulations, were approved by Parliament. Consequently, the Colombo Port City is now fully operational and ready for business.

In a time of crisis, the leadership provided to create the environment necessary for opening such a prestigious shopping complex deserves my heartfelt thanks to the President.

Mahinda Yapa Abeywardena, Minister Bandula Gunawardena, Chinese Ambassador Qi Zhenhong, Commissioners and Ambassadors, Eastern Province Governor Senthil Thondaman, Prime Minister Secretary Anura Disanayake, Chief Financial Officer of China Harbour Engineering Company Sang Kui Feng, and other distinguished officials and guests were also attend at the event.