Sri Lanka Telecom (SLT) has announced plans to invest USD100 million this year as part of a medium-term strategy to pursue increased foreign revenues and to invest in IP-based services and migration to a packet-switched network. ‘We want to increase business from non-traditional business to 70% over ten years and become a global IP solutions provider,’ SLT’s newly appointed CEO, Shoji Takahashi told reporters. SLT is connected to the SEA-ME-WE cable systems of which it is a part owner, and has two private submarine cable ventures with BSNL of India and Dhiraagu Telecom of the Maldives. SLT has a point-of-presence (PoP) in Hong Kong where it is connected to NTT’s global IP platform. ‘We want to increase our PoPs outside the country and increase global PoP revenue,’ Takahashi declared. SLT’s domestic fibre-optic ring rollout is set to be completed by the end of this year, although work on northern links has been stalled by the recent escalation in hostilities between government forces and the rebel Tamil Tigers. Between 2001 and 2005 SLT’s revenues grew by 50% to LKR32 billion (USD295 million). In the first nine months of 2006 the group posted revenues of LKR29.8 billion and net profit of LKR3.8 billion.