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Sri Lanka telecom regulator asked find businesses to use Lotus Tower

ECONOMYNEXT – Sri Lanka’s President Gotabaya Rajapaksa had asked the telecom regulator to find local and foreign businesses to use Lotus Tower, the island’s tallest structure built by a Chinese firm.

President Gotabaya Rajapaksa has asked the Telecom Regulatory Commission of Sri Lanka to find local and foreign entrepreneurs to open restaurants, shops and recreational facilities in the Lotus Tower while making room for traditional creations as well.

“The interior decorations of the premises can be designed and executed with the approval of the investors connected to each project,” the President’s office said.

“The President has instructed the officials to immediately commence the process of apprising the local and foreign entrepreneurs regarding investment opportunities in line with the project.

“These instructions were given at a meeting held with the officials of the Telecommunications Regulatory Commission of Sri Lanka (TRCSL) and the Lotus Tower Project, at the Presidential Secretariat,”

The regulator had originally given a 104 million US dollar (about 19.3 billion rupees0 contract for a Chinese contractor to build the Tower with a 85 percent loan coming from the Exim Bank of China which has to be repaid in instalments.

The TRC is a cash-rich organization from telecom levies and frequency fees collected mainly from mobile phone use in the country.

It was originally set up as a regulatory agency for telecom businesses. (Colombo/June16/2020)