Global telecom operator VEON raises Pakistan investment plan to $1.5bn from $1bn, says Aurangzeb

VEON, a leading global telecom operator, has significantly increased its planned investment in Pakistan, raising the amount to $1.5 billion over the next three years from the previous $1 billion projection, as reported by Finance Minister Muhammad Aurangzeb on Tuesday at an SDGs Investment Fair 2026. Aurangzeb made these remarks during a virtual address to highlight the continued interest of international investors in Pakistan's growth and development.

The finance minister emphasized that this investment surge is significant and underscores Pakistan's appeal as a destination for foreign capital.

VEON's expansion in Pakistan encompasses the rollout of advanced connectivity solutions, modernization of telecommunications infrastructure, and a drive towards digital innovation throughout the nation. The company unveiled an ambitious $1 billion investment plan during a recent high-level meeting with Aurangzeb, with the aim of bolstering connectivity, upgrading infrastructure, and propelling digital advancements across Pakistan.

Aurangzeb also noted the burgeoning interest from foreign investors in Pakistan's privatization program, citing that three Turkish companies have shown interest in purchasing the first distribution company (DISCO) up for privatization. He affirmed that Pakistan is gaining recognition for its basic infrastructure, both locally and internationally.

Furthermore, Aurangzeb discussed the performance of the Pakistan Stock Exchange (PSX), which has seen a notable increase in activity. Following 11 initial public offerings (IPOs) in the previous fiscal year, five IPOs were completed in the last quarter alone. He pointed out that Khaadi is set to list its IPO, and there are about 22 real estate investment trusts (REITS) expected to be listed over the following two years.

Aurangzeb highlighted that these IPOs are not only a testament to the growing confidence in the Pakistani market but also indicate a trend where investors are either looking to invest, expand their local commercial operations, or establish new units in Pakistan.