Dialog’s cumulative investment set to top $1.5 bln in coming years
View(s):Dialog Axiata PLC (Dialog) said this week that it had entered into infrastructure investment agreements totalling US$150 million with the Board of Investment (BOI) with its cumulative investments expected to reach $1.5 billion in coming years.
Minister Lakshman Yapa Abeywardena and officials at the briefing
The investment agreements will encompass the expansion of the multi-faceted ICT infrastructures of the Dialog Group including but not limited to 4G and 3G High Speed Broadband, Fibre Optic, Fixed Telecommunication and international telecommunication networks. The agreements were entered into by Dialog Axiata PLC and its wholly owned subsidiary Dialog Broadband Networks (DBN) and will span a project implementation period of three years, according to a company media release. “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 $1 billion to Sri Lanka. The BOI has also recognised Dialog and its principal shareholder Axiata Group Bhd as the single largest Foreign Direct Investor (FDI) in Sri Lanka. Since bridging the $1 billion investment milestone in 2011, Dialog’s investment in Sri Lanka has expanded to $1.35 billion and is set to exceed the $1.5 billion mark upon the completion of the infrastructure development projects encompassed in the agreements recently entered in to,” it said.
Investment Promotion Minister Lakshman Yapa Abeywardena said this investment during the last two decades is a tribute to the trust and confidence Axiata and Dialog has in the Sri Lankan economy. He was speaking at the signing ceremony of Dialog’s latest investment.
Lakshman Jayaweera, BOI Chairman/Director General said, “investments such as made by the Dialog Group have placed the Sri Lankan telecommunications sector at the forefront in the Asian region”.
Hans Wijayasuriya Director/Group Chief Executive of Dialog Axiata PLC noted that, “progressive telecommunications sector regulation, an enabling investment environment and the relentless support of our customers and employees has underpinned the multiple waves of FDI delivered by the Dialog Group”.
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