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Dialog Axiata Group, the largest Foreign Direct Investor (FDI) operating under the Board of Investment of Sri Lanka (BOI), has announced the conclusion of two additional agreements with the BOI for the investment of an additional sum of $152.4 million. (LKR 56.7 billion) in Sri Lanka’s Telecom and ICT infrastructure on September 13, 2022.

The investment includes $112.8 million from Dialog Axiata PLC and $39.6 million from its subsidiary Dialog Broadband Networks (Private) Limited.

These agreements cover a wide range of telecommunications and ICT infrastructure development by the Dialog Axiata Group, encompassing the expansion of 4G-LTE mobile and fixed networks to provide rural and inland coverage, improved analytical capabilities of big data and interaction with customers, the evolution of IP and fiber networks, and the continued development of the Group’s Wi-Fi and broadband networks. It is expected that these developments will provide more reliable and cost-effective internet connectivity and will significantly contribute to propelling the country’s mobile and fixed infrastructure to the cutting edge of innovation, accelerating Sri Lanka towards a digital nation.

The respective supplementary agreements between Dialog Axiata PLC and Dialog Broadband Networks (Private) Limited and the BOI were signed by Raja Edirisuriya, Chairman of the Sri Lanka Investment Board, Supun Weerasinghe, Managing Director/Group Director, Dialog Axiata PLC and Ms Viranthi Attygalle, Group Company Secretary, Dialog Axiata PLC, in the presence of Tan Sri Shahril Ridza Ridzuan, Chairman, Independent Non-Executive Director of Axiata Group Berhad, Dr Hans Wijayasuriya, Joint Acting Group Chief Executive Officer, CEO – Telecommunications Business/Group Executive Vice President, Axiata Group Berhad, and Ms. Renuka M. Weerakone, Managing Director, Board of Investment of Sri Lanka.

Dialog Axiata Group is a group of subsidiary companies of Axiata Group Berhad, the second largest telecom operator in Asia, with operations in 8 countries including Malaysia, Indonesia, Bangladesh, Cambodia, Sri Lanka , Singapore and India, and Axiata is a committed and long-term company. investor in Sri Lanka since the creation of Dialog.

Dialog is Sri Lanka’s largest foreign direct investor (FDI) with cumulative investments totaling USD 3.1 billion. In this regard, it was recognized by the BOI as the first company to invest $1 billion in the country.

“Dialog Axiata has been instrumental in our country’s progression to being a formidable champion of next-generation digital infrastructure in a global context. As the largest foreign investor in the country, Axiata has been a constant catalyst and key to this journey, even amid uncertainties. We are delighted to see the company’s continued investment and unwavering commitment, which exemplifies the countless opportunities available in Sri Lanka for foreign investors who believe and are willing to invest in the country with the aim of capturing long-term value,” said Mr. Raja Edirisuriya, Chairman, BOI.

Commenting, Tan Sri Shahril Ridza Ridzuan, Chairman, Independent Non-Executive Director of Axiata Group Berhad, said: “As the largest FDI in Sri Lanka, this latest investment deal demonstrates Axiata’s continued confidence in the nation and our commitment to Sri Lanka and its people. We see Sri Lanka as one of the leading hubs of innovation, where Dialog has achieved many regional firsts, staying true to its philosophy of delivering “The Future”. Today.’ As always, we greatly value our longstanding partnership with the Board of Investment and remain committed to investing in Sri Lanka to accelerate the country towards a digital nation.

Lynn A. Saleh