Ending Sri Lanka political uncertainty will help foreign investors: Dialog Chief

ECONOMYNEXT – Ending Sri Lanka’s political uncertainty will reassure investors but Dialog Axiata, the largest foreign investor in the country said it was continuing to invest, Chief Executive Hans Wijesuriya said.

"Sooner the political uncertainty is out to the way we will see a revival of foreign investments and growth," he told reporters after ringing the opening bell of the Colombo Stock Exchange.

Wijesuriya said political uncertainty rose from 2005 to 2009 as a civil war escalated and the market had weathered the period.

Dialog itself had been in the country for a long time and it was "neutral" of political uncertainty, he said.

Dialog Axiata has invested around 1.7 billion US dollars in the country. In 2015 so far about 40 million dollar had been invested.

"We have been investing aggressively throughout this year and we hope to accelerate," Wijesuriya said. "Dialog has been neutral to uncertainty"

The new administration slammed a series of taxes on telecoms, as well as retrospective taxes which are seen by some critics as ‘revenge taxes’ which undermine freedom and rule of law, similar to the conduct of the last regime which expropriated firms through an ad hominem legislation.

The retrospective taxes have not yet been passed in parliament as the current minority administration was not sure of opposition support.

(Colombo/July 08, 2015)
 

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