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Malaysian firms to invest US$ 200m in Sri Lanka telecom
Thursday, 2 March 2006 - 2:22 AM SL Time
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Malaysian companies are expected to invest about US$200mil in Sri Lanka`s telecommunications sector this year, with at least three quarters of it coming from Telekom Malaysia Bhd (TM).
TM, through subsidiary Dialog Telecom, will invest about US$150mil as capital expenditure for expansion of network, services and facilities, said chairman Tan Sri Radzi Mansor.
Radzi, also chairman of Malaysia-Sri Lanka Business Council, said Dialog was expected to finance the investment through internal funds and overseas financing.
Last year, TM, through Dialog, contributed about 90% of Malaysia`s total investment in Sri Lanka of about US$100mil, said chairman/director of the Board of Investment of Sri Lanka, Prof Laksman R. Watawala, at a media briefing on investments in Sri Lanka, yesterday.
Another major Malaysian investor in Sri Lanka`s telecommunications sector is Tritel, which has received approval to invest US$40mil to US$50mil this year in the island nation`s public payphone service.
Laksman said Malaysia ranked the fourth largest foreign investor in Sri Lanka with its investment totalling US$261mil in 14 projects.
This year, Sri Lanka hoped to attract US$1bil in foreign direct investments, he added.
Other investments expected from Malaysia included a crude palm oil refinery project by Felda with the aim of exporting palm oil products to India, and the Colombo-Kandy highway project, he said.
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