Friday, July 27, 2007

Cosmotelco to invest EUR500 million into WiMAX network in Macedonia

The Greek company Cosmotelco unveiled plans today for investing 500 million euros in the wireless electronic communications in Macedonia.

The Head of Cosmotelco Dimitrios Contominas announced the investment at a press conference staged shortly after the Macedonian Electronic Communications Agency approved the WiMAX license to the company on Monday morning.

Contominas said that this investment refers to the initial stage only, which will be followed by new investments very soon.

He briefed that Cosmotelco had already registered a daughter-company in Skopje under the name Americom. A joint venture with US strategic partners with extensive investing background is in question, Contominas said, stating no names.

The Head of Cosmotelco said that the company's investment operations would encompass all fields related to electronic communication, meaning that in addition to the announced fields spanning television, internet and telephony, Cosmotelco would pursue activities in the electronic medicine, forests protection, education, science and other areas.

Contominas said he was hopeful that his company would start operations in early of 2008.

"Our aim is to make the internet connection affordable and accusable to every citizen of the Republic of Macedonia. This goes for literally every village and not only the bigger towns and cities, Contominas said.

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