Sri Lanka to set up new state enterprise to operate Lotus Tower for telecom regulator
Sri Lanka’s Government Information Department has stated that the government of Sri Lanka is to establish a new state enterprise to operate a tower built for the telecom regulator.
The Cabinet of Ministers has approved a proposal to give powers to the Treasury to set up a company to quickly commercialise the tower.
The Lotus Tower was built by a Chinese firm for the Telecom Regulatory Commission of Sri Lanka (TRCSL).
The relevant Cabinet paper was presented by Sri Lanka’s President Maithripala Sirisena in his capacity as Minister of Defence and was approved by the Cabinet of Ministers.
The short statement released by the Government of Informational Department has stated that as the completion of the Lotus Tower was imminent it will be handed over soon to the TRCSL.
However, it was necessary to establish a new state owned enterprise (SOE) to commercialise the Lotus Tower so that the public could use its facilities and businesses could operate from within the premises. The Treasury therefore was entrusted with the task of establishing a new SOE to commercialise the Lotus Tower and enable it to operate as a business entity.
OSL take:
Sri Lanka’s Lotus Tower project is yet another business/investment opportunity for foreign businesses/investors looking at entering the Sri Lankan economy. The decision by the government of Sri Lanka to quickly move towards the commercialisation of the Tower could be followed by foreign businesses/investors looking at business opportunities in the island.
| Article Code : | VBS/AT/05092019/Z_4 |