Reducing import duties can make Sri Lanka an attractive shopping destination for tourists – ODEL Chairman
Nisanka Sathurusinghe
Entrepreneur, Technologist, Facilitator, Real estate consultant.
Sri Lanka’s leading fashion retailer Odel PLC, says it is working closely with both the government and policy-makers to reduce the duty on imports to render Sri Lanka as an attractive shopping destination to tourists.
“As the pioneer in the fashion retail space, Odel is working closely with both the government and policy-makers to reduce the duty on imports to render Sri Lanka as an attractive shopping destination to tourists on par or even better than other regional shopping hubs. We are hoping our lobbying efforts for the industry will help liberalize the market and reduce tariffs to earn valuable foreign revenue for the country.” Odel PLC Chairman Ashok Pathirage told shareholders in the 2018/19 annual report.
Speaking further Pathirage noted that if the country can strike the right balance between retail and tourism, the opportunities are limitless For Sri Lanka as a shopping destination.
“A substantial component of Odel’s business is generated from tourists, hence it is vital that the tourism industry is on an upward trajectory. The financial year 2019/20 will be an eventful one, in terms of the opening of a new Odel Department Store at the One Galle Face Mall managed by the Shangri-la Group, which spans 54,000 sq. ft. of Odel and the Group’s international brand outlets including Softlogic’s international restaurant franchises, which will account for 100,000 sq. ft. at the Mall. Our presence at the One Galle Face Mall is a significant investment and we are optimistic about generating adequate returns,” Pathirage said.
“Odel’s vision for the future is aligned with the nation’s economy and as GDP growth. and per capita income improves, we hope to see a thriving fashion retail industry propelled by the overall economic growth momentum,” Pathirage added.
For the year ended March 31, 2019, Odel PLC’s net profit rose 23% year-on-year (YoY) to Rs.245 million, on group revenue of Rs.8.1 billion, up 10% YoY.
Fibroblast specialist at I’Dot esthetics
6ywww.instagram.com/idot_esthetics
Infor M3 Techincal Services at self-employed
6yit doesn't solve the struggles of local producers. it might change annual report of companies
This is correct. Same thing do in Singapore
IT Infrastructure Specialist
6yComplete Nonsense. They want to experience the unique attractions of untamed nature and beauty in this country, not to purchase fancy things.
Marketer, Business Strategist, Consultant and Entrepreneur
6yTourists don't come to Sri Lanka to buy 'High Street' brands, especially from far east including Chinese and Japanese, Europeans, Middle Eastern and even neighbouring Indians. They have a better choice and a better price. If at all, Sri Lanka should have a proper policy to identify where the tax relaxations are granted for identified industries whilst supporting local businesses and SME's to grow and also to create competitive environment for both Importer's and manufacturers. This also applies to luxury brands. If there's a demand in local market, surely there is and if that does not hamper home grown industries (not many local brands in this category) then provide tax benefits. This will also elevate lifestyles and create market opportunities. Also encourage local brands to benefit from imports (raw materials, technology, machinery etc) and go Global. For tourist, provide an unique experience, lasting memories (all positives 😉) and value for money for their spends. Tax reductions for tourism industry related businesses a must. Also we are yet to attract the Luxury Travelers market. Neither we are known for 'Cheap buys' or Bargain offers for shopping. Only we Sri Lankans go for shopping when traveling 😁