Dialog’s investments set to top US $ 1.5bn
Foreign director investments (FDIs) by Dialog Axiata PLC—a unit of Malaysia’s Axiata Group—to Sri Lanka is set to top US $ 1.5 billion, crossing the cumulative US $ 1.35 billion it has already invested with the signing of a US $ 150 million infrastructure development agreement with the country’s Board of Investment (BoI), yesterday.
The latest investment from Dialog is aimed at expanding its 4G, 3G, high-speed broadband, fibre optics and international telecommunication networks.
Dialog Axiata PLC Group Chief Executive Dr. Hans Wijayasuriya stated that the latest phase of investments would contribute significantly to the improvement of Sri Lanka’s ICT infrastructure while enhancing services across the island.
“The continuing i nvestments that we are making will lead to the introduction of more modern technology and contribute towards Sri Lanka becoming a flagship nation in the region.
Sri Lanka already has the most affordable high-speed broadband and voice tariffs in the region. Looking beyond Dialog, the whole telecom industry has really achieved 360 degree success,” Dr. Wijayasuriya stated.
He added that total group investments were expected to cross US $ 1.5 billion with the completion of infrastructure development projects currently underway, likely reaching completion within the next two to three years.
Given Dialog’s long history of investment in Sri Lanka, Wijayasuriya commended the government on the facilitation of foreign investments into Sri Lanka.
“In our experience, Sri Lanka has always had a very progressive attitude towards foreign investments and while there are certain bottlenecks, overall the government should be commended for the enabling environment when it comes to such investments,” he stated.
In 2011, Dialog was recognised by the BoI to be the first investor operating under its aegis to deliver a cumulative investment in excess of US $ 1 billion to Sri Lanka and was also recognized as the single largest foreign direct investor along with its parent Axiata group.
The first service provider in South Asia to launch mobile 4G FD-LTE services, Dialog is the industry leader in mobile telecommunications and digital pay-tv in Sri Lanka.