Telecom giant Ericsson invested Rs5.52 bn in Pakistan

ISLAMABAD: Ericsson, global telecom giant,has invested US $31 million (Rs5.52 billion) foreign direct investment in Pakistan, says a press release issued on Saturday.

In a meeting with Federal Minister for IT & Telecom, Fadi Pharaon Head of Middle East & Africa Ericsson, Ekow Nelson Head of Customer Unit Etisalat & Pakistan & country Manager Pakistan Aamir Ahsan Khan mentioned that Ericsson is keen in regaining the radio foot print in the strategic market like Pakistan.

Federal Minister for IT & Telecom Syed Amin ul Haque stated: "Strong measures are underway for broadband connectivity both in urban & rural areas and equal efforts are underway to uplift the start-up & technology skill development ecosystem and IT exports. Pakistan is mega market of technology and there is great potential in our youth.

Fadi Pharaon thanked the Minister & for his time and high lightened Ericsson’s presence in the country for last 59 years, existing business and the work that is being done on the Near Shore Center and the plan to scale the capacity to double in 2022. That shall create more jobs in the Telecom sector in Pakistan.

Ekow mentioned about the recent Ericsson’s investment of $31 million equity into Ericsson Pakistan and the steps Ericsson HQ took understanding the importance of Pakistani market and its potential. IT Secretary Dr Muhammad Sohail Rajput and Member Telecom Omar Malik were also present along with other ministry officials.