TELECOM Eireann should be in a position to invest in projects outside of Ireland within two to three years, according to Telecom's chief executive, Mr Alfie Kane.

Telecom is likely to consider investing in other telecommunications companies or may bid for mobile phone licences worldwide.

In his first in depth interview since taking office almost two years ago, Mr Kane outlined his plans for the State company to Business This Week.

They include halving the company's £862 million debt within the next three years.

"I believe we need to move from being an indebted company to being an investing company," Mr Kane said. "What we are talking about is changing the very culture of the company. Look at the progress which was made in the 1980s. Now we need to do twice as much in half the time."

Mr Kane has also announced two new business discount schemes which are expected to reduce the cost of business calls by several million pounds a year.

The subscription based International Term Discount Scheme will allow discounts of between 6 and 10 per cent for monthly payments ranging from £50 to £200.

Mr Kane also unveiled a new multi site discount scheme which allows business customers to combine telephone bills for all their locations and thus obtain higher discounts.

Among the other initiatives being pursued by Mr Kane at the moment is the setting up of an enterprise company which will give financial and expert assistance to former Telecom employees. The company expects to shed 2,000 of its 12,000 staff within the next five years.