Malaysian-owned Sri Lankan mobile and broadband operator Dialog Axiata believes it is close to resolving a problem hampering the renewal application for the company’s service licence that has been pending since May 2015. Dialog’s Malaysian parent Axiata Group is reportedly staying a USD300 million investment programme in the country until the issue can be settled, although it understands the government of President Maithripala Sirisena has suggested a mechanism to resolve the matter. Malaysian prime minister Najib Razak is quoted by local press as saying: ‘I see this as a positive development, that there is light at the end of the tunnel.’
In total, Axiata Group has invested more than USD2.2 billion in its Sri Lankan telecoms business, which is the single largest foreign direct investment (FDI) into Sri Lanka and one of the largest corporations in the country. ‘Hopefully, this matter can be settled not too long from now because Dialog Axiata has the capability to increase their investments in Sri Lanka,’ Najib added.