Singapore based beauty retailer notes Sri Lanka’s potential of becoming a shoppers’ paradise
Chairman of Luxasia Group, Patrick Ching, who is a Singapore based beauty retailer, has reportedly stated that Sri Lanka could be made into a shoppers’ paradise by becoming a duty free country.
“I think it is one of the greatest things that could happen to Sri Lanka,” he has been quoted as saying at a recent even in Colombo.
The local media reported that the observations were made at the 2018 Sri Lanka Retail Forum.
According to Ching, while the government may not be too happy with such a system there would be great benefits to the tourism sector.
“The moment you make it duty free, it will make it more attractive towards visitors.”
It would attract a lot of regional tourists from India, Bangladesh and the ASEAN, he has further observed.
Sri Lanka recently introduced a VAT refund scheme for tourists while ASEAN countries like Singapore, Malaysia and Thailand, which are well known shopping destinations, also follow a similar policy.
Tourism in the above mentioned ASEAN countries are linked with the retail business as well since they are also recognized as shopping destinations.
OSL take:
Sri Lanka is fast becoming a much sort after destination as indicated by the increasing number of tourist arrivals and the recognition gained by the country’s destinations by international publications. The statement by the Singapore based beauty retailer shows the existing potential of Sri Lanka being identified as a shopping destination as well. This would be an interesting business opportunity for a foreign business/investor looking at a unique investment in Sri Lanka.
| Article Code : | VBS/AT/20181022/Z_1 |