Telecom operator unveils $1bn investment plan in meeting with finance minister
- Jazz, VEON officials meet Finance minister Muhammad Aurangzeb
Telecom operator Jazz presented on Monday a $1 billion investment plan to Finance minister Muhammad Aurangzeb, focusing on expanding connectivity, upgrading infrastructure, and helping boost digital innovation in Pakistan.
JazzWorld CEO Aamir Ibrahim, accompanied by VEON Group CEO Kaan Terzioglu and senior leadership, held a meeting with the finance minister where discussions focused on Pakistan’s improving macroeconomic outlook and its transition from stabilisation to growth.
“The leadership [Jazz and VEON officials] underscored continued confidence in Pakistan, reflected in over $11 billion invested in digital infrastructure over three decades, alongside contributions exceeding Rs500 billion to the national exchequer over the past ten years,” read a press statement.
“Pakistan’s transition from stabilisation to growth is both credible and well-timed, and digital scale will be central to sustaining this momentum. There is a significant opportunity to expand financial inclusion, strengthen the formal economy, and support long-term, investment-led growth,” Kaan Terzioglu, VEON Group CEO, was quoted as saying in the statement.
The recent acquisition of 190 MHz of additional spectrum by Jazz, valued at over $239 million, was also highlighted in the meeting. The latest acquisition triples Jazz’s spectrum holdings – taking it from 94.4 MHz to a total of 284.4MHz – with the company planning an investment of $1 billion in the next three years.
Meanwhile, the company officials also met Federal Minister for Information Technology and Telecommunication Shaza Fatima Khawaja, where they emphasised the importance of sustained public–private collaboration to expand broadband access, accelerate digital inclusion, and support innovation and skills development.
Pakistan generated $510 million (around Rs142 billion) from the landmark auction of Next Generation Mobile Services (NGMS) spectrum, while the telecom regulator successfully completed the position assignment auction to determine the exact placement of spectrum blocks secured by operators.
The rollout of 5G is expected to significantly enhance data speeds, support emerging technologies and enable digital services across sectors, including industry, healthcare, education and e-commerce.
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