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Feb 28. (LBO) — Sri Lanka™s state run Postal Department is scouting for Rs. 25 million in private investment to launch a dedicated business mail service The planned business mail service will allow commercial establishments to purchase postage over the internet and use digital encoding or barcodes instead of stamps and even addresses on their mail.

Postmaster General Sherwin Senadeera said under the new service up to 60 percent of the business mail could be delivered by the next working day.

Over 80 percent of current estimated 500 million letters accounts for business letters.

Each delivery costs an average Rs. 10.00 to the department, but is politically compelled to charge a subsidized Rs. 5.50, keeping the service affordable to Sri Lanka™s less affluent.

Senadeera said due to a lack of internal funds and state investment, the department would look for a private sector investor to bring the money for the proposed new project.

Meanwhile, the department is also in talks with Sampath Bank, Hatton National Bank, National Insurance Corp., Sri Lanka Insurance and State Mortgage and Investment Bank to accept deposits and premium