Investors wishing to start duty-free retail business operations and duty-free shopping mall operations at Colombo Port City will be required to bring in a minimum investment of USD 5 million and USD 7 million, respectively.

This is in terms of new regulations gazetted by the Colombo Port City Economic Commission (CPCEC).

In addition to an investment of USD 5 million, investors looking to start a duty-free retail business will also be required to satisfy the CPCEC that they have access to a range of high-quality luxury retail brand products.

Prospective business investors will have three years to fulfil the requirements needed for them to be given tax exemptions lasting up to 20 years.