KUALA LUMPUR: Axiata Group Bhd has invested US$2.2 billion in Sri Lanka over twenty years, making its subsidiary Dialog Axiata plc as the single largest foreign direct investment in the country.
As a long term investor in Sri Lanka for over two decades, Axiata through its subsidiary, Dialog have been making significant investments to spearhead the rapid development of the Sri Lankan telecommunications industry.
With over US$2.2 billion cumulative investments, Dialog is recognised as the single largest foreign direct investment into Sri Lanka, and as one of the largest corporations in the country, Axiata said in a statement today.
The elecommunications company thanked both countries’ government for assisting in resolving the issue of Dialog’s broadband network license renewal.
It is learnt that Dialog, which has 12.7 million subscribers up to September, has failed to get its licence renewed for the past 30 months.
The impasse is hampering the company’s expansion plan.
“Axiata and Dialog wish to record their utmost gratitude to both the Government of Sri Lanka and the Government of Malaysia for assisting to resolve the issue of Dialog’s broadband network license renewal, one of Dialog’s five main business licenses, for the best interest of Sri Lanka’s telecommunications sector.
“Axiata is truly grateful to our Prime Minister Datuk Seri Najib Razak, for his personal and active support of our international investments in general, and, for helping to resolve the above issue,” the company said.
It was reported by New Straits Times today that Najib was optimistic about the prospect saying that he and Sri Lanka president Maithripala Sirisena had agreed to form a four-member committee to resolve the issue.
“President Sirisena has proposed the setting up of a committee involving two representatives from Sri Lanka and two from Malaysia to address the issue.
“I believe there is light at the end of the tunnel,” Najib was quoted as saying.
Najib said Dialog had plans to invest up to US$300 million to expand its services in Sri Lanka.