VEON lifts Pakistan investment plan to $1.5bn, minister says

VEON, a global digital operator providing mobile connectivity and services, has increased its planned investment in Pakistan over the next three years to $1.5 billion from $1 billion, Finance Minister Muhammad Aurangzeb said on Tuesday, calling the increase "a significant jump". He was speaking in a virtual address to the SDGs Investment Fair 2026: Investing in Pakistan's Sustainable Future, organised by UNDP Pakistan in Karachi.

Earlier this year, according to the minister, VEON set out a $1 billion investment plan at a high-level meeting with him, aimed at expanding connectivity, modernising infrastructure and accelerating digital innovation across the country. The revised figure, as described by Aurangzeb, signals continued interest from international investors as Pakistan seeks to attract foreign investment and expand private-sector activity amid efforts to stabilise the economy.

Aurangzeb also pointed to growing foreign interest in Pakistan's privatisation programme, saying three Turkish companies had expressed interest in the first distribution company (DISCO) being offered for privatisation. He said the country had the basic hygiene, which was being recognised at the local and international level.

Turning to the Pakistan Stock Exchange, the finance minister said that following 11 initial public offerings (IPOs) in the previous fiscal year, five IPOs were completed in the last quarter. He said Khaadi was coming in with an IPO, and that about 22 REITs were expected to list over the next couple of years. He added that this was again a data point, because when someone was raising equity on the stock exchange, they were obviously looking to either invest, expand their local commercial operations or set up new units.