Singapore Awards Telecom Licenses
SINGAPORE (AP) _ Singapore on Wednesday awarded licenses to 29 companies, including MCI Worldcom Inc., to operate in the city-state’s telecommunications industry, three days before throwing the sector open to full competition.
Singapore announced in late January that it would liberalize the telecoms industry on April 1, two years earlier than planned. Since then, companies have been scrambling to assemble business plans and apply for licenses.
Minister of Communications and Information Technology Yeo Cheow Tong said the market opening is expected to generate $1.8 billion in investments over the next three years and create 2,500 jobs.
In addition to MCI, the licensees include Australia’s Davnet, Flag Telecom Holdings, Singapore’s SP Telecommunications, and Telstra-DataOne.
Telstra-DataOne is a joint venture between Australia’s Telstra and a unit of Singapore’s Keppel Telecommunications and Transportation.