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Ericsson invests over $31bn in Pakistan

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ISLAMABAD: International telecommunication company Ericsson has invested more than $31 billion (Rs5.52 billion) in Pakistan on Sunday.

Discussion regarding the investment was made during a meeting between officials of Ericsson and Federal Minister for IT Syed Aminul Haque on December 22.

According to the details, the money has been transferred to Pakistan in terms of foreign direct investment.

Aminul Haq said that Ericsson would spend the money on setting up of Offshore Operations Center, technology training and 5G Research and Development.

He said that the foreign direct investment was an expression of confidence of international organisations in Pakistan. “IT and telecommunication are the sectors in which there are vast opportunities for foreign investment,” he said.

He said that all kinds of facilities and cooperation were provided to the foreign investors. The IT and telecom sector will earn up to four times of the amount of incentives provided to it.

The minister further said that the fulfillment of Digital Pakistan Vision was subject to special focus on this sector.

On December 22, Ericsson Pakistan and the Ministry of Information Technology and Telecommunications had held a meeting to discuss digitalisation, skill development and training for engineers in line with the vision of Digital Pakistan, a statement had said.

Ericsson Pakistan had showed keen interest to deploy advanced networks, as well as scaling up the Near Shore Centre to create job opportunities for engineers in Pakistan.

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