Govt. told to go for 5G spectrum auction to attract FDI

Sri Lanka is turning a blind eye towards the possibility of auctioning the 5G spectrum in its search for foreign direct investments (FDIs), an avenue that would definitely deliver the desired results, a business leader in the country opined.  

“The Sri Lanka government is trying to get FDI. But one cannot understand why they don’t pick up the low-hanging fruits. The 5G spectrum is a good example,” said Federation of Chamber of Commerce and Industry of Sri Lanka Past President Kosala Wickramanayake.

He pointed out that for years, the past governments issued licences to their close associates on a platter via backdoor deals. And they in turn sold these out to telco/media businesses and made millions of rupees for themselves and depriving the state of millions of dollars in revenue. “I haven’t seen any suggestion or mention of anything on the 5G spectrum auction. That means the new government is still not looking out of the box for solutions,” said Wickramanayake.

He asserted the need for Sri Lanka to look at how it can attract investors of repute if the country wants to build a new economy with exports and FDI.

India recently auctioned its 5G spectrum and raised INR 1.5 trillion (US $ 18.99 billion). Wickramanayake said President Ranil Wickremesinghe has the opportunity to tell the world that Sri Lanka is ready to welcome FDI without corruption and red tape and the new government is ready to show the world that Sri Lanka has changed and all transactions would be transparent by auctioning the 5G spectrum via an online auction system as done by India.