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| Sunday, 23 February 2003 |
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| News Business Features Editorial
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Govt. plans second duty-free shopping complex by SUREKHA GALAGODA The Government is planning to establish a second duty-free shopping facility outside and in close proximity to the Bandaranaike International Airport at a cost of Rs 100 million. A paper on the project has been submitted for Cabinet approval by the Ministry of Commerce and Consumer Affairs, the Sunday Observer learns. The objectives of establishing such a facility are enabling tourists and expatriates to shop at leisure and attracting customers who go to Singapore for duty-free shopping. It will be established by the Ministry of Commerce and Consumer Affairs with funding from the private sector while foreign collaboration is also a possible option. It will enable tourists and expatriates to shop at leisure as shopping at the current facility at the airport is restricted due to time constraints experienced by inbound and outbound passengers who spend very little time at the airport. As Indians presently make heavy duty-free purchases in Singapore, liberalising visa requirements for visitors from SAARC countries will be a potential plus point. It is said that establishing such a facility will be very profitable, giving a further boost to tourism. Increasing occupancy and room rates of hotels, encouraging construction of shopping mall space, encouraging tourists to spend more time in the city, multiple economic benefits from increased business to other shopping outlets, restaurants and transport operators, as well as increased employment and foreign exchange earnings from the above facilities are some of the benefits the country can derive by establishing such a facility down town. A similar facility was established in the early 1980s by the Ministry of Trade permitting Sri Lankans coming from abroad to purchase duty-free items using foreign currency. The scheme was abandoned due to the leakage of goods to the local market. The Government will introduce a computerised system of stock control and sales monitoring in consultation with a leading accounting firm which will also be required to periodically audit and improve the operation of the system. |
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