Business
Port City powers its economic zone with ‘The Mall’
Improbable things happen all the time when possibilities connect with each other in a large sequence of events. This universal truth became evident when the newly constructed duty-free shopping complex in the Colombo Port City was inaugurated on 5th September 2024.
The occasion marked 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.
A day prior to this event, on Sep 4, the parliament approved key regulations to kickstart financial activities in Port City, according to State Minister for Investment Promotion Dilum Amunugama.
President Ranil Wickremesinghe who officially opened ‘The Mall’, embarked on an observation tour of the new complex.
In his address on 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 he said:
“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 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.”
Business
Sri Lanka introduces landmark food & beverage regulations
The Sri Lankan government has announced new restrictions on marketing food and beverages to children, effective January 1, 2025, under the Food (Labelling & Advertising) Regulations 2022.
The Ceylon Chamber of Commerce, through its Food & Beverage Steering Committee, was a key partner in shaping these regulations by providing inputs on food science, nutrition, international regulatory practices, and legal frameworks during an over decade-long consultation process with the Ministry of Health.
Under the new rules, the industry must ensure that children under 12 are not featured in advertisements for F&B products. Further, the industry must ensure that F&B products are not advertised or promoted to children below 12 years without prior approval from the Ministry of Health.
Additionally, updated food labelling requirements, effective July 1, 2025, will empower consumers with essential information, including nutritional values and detailed ingredient lists, to make informed food choices. These updates address gaps in the regulations established in 2005 and align the framework with international standards.
Buwanekabahu Perera, CEO of The Ceylon Chamber of Commerce, stated:
“We commend the Ministry of Health for modernising Sri Lanka’s food regulatory framework after 20 years. Transitioning entrenched industry practices will be challenging for businesses, from SMEs to large-scale operators. However, it is vital to balance consumer protection with the continued availability of packaged food, and preserving longstanding brand equity. A corrective and collaborative approach to implementing these regulations will be important to ensure a smooth transition.”
(CCC)
Business
USD 40 million five star resort to be powered entirely by renewable energy
By Ifham Nizam
In a bold step to transform the tourism landscape of Sri Lanka’s Sabaragamuwa Province, a groundbreaking USD 40 million ecotourism project is set to take shape in the serene town of Uda Thimbiriya, Bulathkohupitiya. The “Thimbiriya Skyline Resorts,” a luxury 100-room, five-star resort, will be built on sustainable principles, powered entirely by renewable energy and achieving net-zero carbon emissions.
At the helm of this ambitious venture are two visionaries: Mrs. Elisabeth Berg Khan, an economist with a passion for green innovation, and Dr. Sikander Khan, a renowned professor and CEO of Peak Education Ltd., based in Stockholm, Sweden. Partnering with them was Hewage Upananda Karunaratne, the head of UDS Agro Holdings. ‘Together, they formed an alliance built on mutual respect and a shared dream: to create an eco-tourism marvel that would redefine hospitality, knowledgeable sources said.
The resort will be a pioneer in green tourism, integrating 1 MW agrivoltaic solar energy systems to support its operations, ensuring a fossil fuel-free environment. The project, which is a collaborative effort between international and local experts, boasts an ambitious design that includes energy-producing facades, building-integrated photovoltaics, and passive house components, such as enhanced insulation and energy-efficient windows.
At the forefront of this initiative is Major General Nimal Krishnaratne (Rtd), the Project Coordinator. With extensive experience in leadership and coordination, Major General told The Island Financial Review that the resort will not only attract international tourists but also foster significant local employment and skill development.
“This ecotourism project is more than just a hotel; it is an opportunity to uplift the entire community. With around 120 direct job opportunities and the training of local youth in marketable skills, we are helping to raise the standard of living in the area, he said.
The USD 40 million investment, with 99% of the funding sourced from foreign direct investment (FDI), will also have far-reaching social benefits. A portion of the proceeds will be allocated to community initiatives, such as healthcare, housing, and environmental development, particularly focusing on flora and fauna protection. Additionally, the project aligns with several of the United Nations’ Sustainable Development Goals (SDGs), underlining its commitment to sustainability and inclusive growth.
The resort’s location on eight acres of land, with five acres dedicated to hotel facilities and three acres for the solar farm, further emphasizes its focus on green infrastructure.
According to Major General Krishnaratne, this project is a perfect example of how tourism can be developed sustainably, creating a model for future projects across the region. “Once operational, this resort will not only be the first five-star hotel in the Sabaragamuwa Province but will also set a global standard for ecotourism, he remarked.
Already approved by the Sri Lanka Tourism Development Authority (SLTDA) with preliminary clearance, the Thimbiriya Skyline Resorts project will be a milestone for both the local economy and Sri Lanka’s tourism sector. The resort will help bring international attention to the area, boosting tourism and supporting the country’s broader goal of becoming a global ecotourism destination.
Major General added: “This project represents a unique synergy between sustainable development and tourism, one that we believe will create lasting positive impacts for generations to come.”
Business
Vision Care opens second Homagama branch, expanding access to top-notch eye care solutions
Vision Care, Sri Lanka’s leading provider of vision, hearing, and eyewear solutions, opened its second branch in Homagama, marking a significant step in its mission to bring high-quality eye and hearing care to every corner of the country. In celebration of the opening, Vision Care also conducted an eye and ENT camp at the branch premises, offering free consultations and basic healthcare services to the public.
The opening ceremony was graced by esteemed guests, including renowned,Dr Lalantha Gurusinghe – Consultant Vitreo Retinal Surgeon (Colombo south teaching hospital & National eye hospital), Dr M D S Guneyilleke – Consultant eye surgeon (National eye hospital)
along with Vision Care’s Chairman Dasantha Fonseka, Managing Director Janaka Fonseka, several staff members, and well-wishers. This event celebrated the brand’s dedication to serving regional communities. Located in the center of Homagama city, the new branch minimizes travel time for residents while ensuring accessibility to all. Combining convenience with exceptional service, the branch features modern interiors, ample parking, and a welcoming atmosphere, providing customers with a seamless experience as they access expert care and premium products.
The newly opened Homagama branch offers a wide range of services, including eye tests, hearing assessments, and a curated collection of eyewear brands and hearing aids. Customers can explore stylish, high-quality frames and sunglasses from global brands such as Ray-Ban, Vogue, Polaroid, and Vintage. Additionally, the branch features advanced hearing aids from Oticon and Starkey, catering to both adults and children. With state-of-the-art technology and a team of experienced professionals, the branch ensures reliable, personalized solutions for every customer.
For over 30 years, Vision Care has been a trusted name in the eye and hearing care industry. Its unwavering commitment to innovation and customer satisfaction continues to set benchmarks, ensuring every location reflects the brand’s promise of excellence.
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