Sri Lanka’s Lotus Tower to commence commercializing operations - Opportunity Sri Lanka
Sri Lanka’s Lotus Tower to commence commercializing operations

Sri Lanka’s Lotus Tower to commence commercializing operations

Daily News: The much-awaited and long overdue Lotus Tower is to begin commercializing its operations soon. The Telecommunication Regulatory Commission (TRCSL) which is overlooking the operations shall further look to develop a modern water park and other tourist draws in the adjacent area.
A land extent of 4 acres, 3 roods, and 24.47 perches are to be vested with the TRCSL for this purpose.
The Cabinet made these decisions on October 5 and has also taken several other key decisions to prioritize the growth of the IT sector. Decisions have been made to bring about Strategic Development Project status to a firm with a global presence in the IT Sector. HCL Technologies shall act as an anchor investor drawing further investment in the IT sector from India to Sri Lanka.
Further decisions were made to accept Indian assistance in the development of the IT education infrastructure in the country.
HCL Technologies Lanka is to be recognized as a strategic development project. The Board of Investment (BOI) has signed an agreement on January 8 to implement a project for software development and related IT services with direct employment generation for 3,500 people with 2,450 spots reserved for nationals. The Galle region is to get smart classrooms and modern computer labs with assistance from the government of India. The financial assistance totaling Rs. 300 million will help 200 schools in accordance with the memorandum of understanding (MoU) signed between the two governments.

OSL take:

Sri Lanka’s ongoing aggressive development programme covering all key economic sectors has opened up a host of business/investment opportunities in the country. With Sri Lanka fast becoming a business hub in the South Asian region supported by the island’s geographical positioning in the Indian Ocean, the many trade agreements as well as concessions enjoyed by the and the continuously improving ease of doing business environment in the country, foreign businesses/investors could explore the growing business/investment opportunities in the island.

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Article Code : VBS/AT/13102021/Z_4

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