Press Releases

01
January 1970

Telenor Pakistan Awarded for Outstanding Foreign Investment

ISLAMABAD, June 03, 2006: Telenor Pakistan has won the First Telecom
Excellence Award for bringing in outstanding Foreign Direct Investment (FDI) in the GSM Telecom Sector, an amount that now stands at a total of approximately 600 million USD over the last 2 years, with direct contributions to the exchequer of approximately 4 Billion Rupees. Given by the Federation of Pakistan Chamber of Commerce and Industries (FPCCI), the award is meant to recognize the role of the telecom sector in the country.

The Minister of State for Information Technology and Telecommunication, Mr. Ishaq Khan Khakwani, was the chief guest at the award ceremony, while the event was presided over by the Pakistan Telecom Authority (PTA) Chairman, Major (R) General Shahzada Alam Malik.

Accepting the award, Irfan Wahab Khan, Executive Vice President, Telenor Pakistan, said, is our great honor to be recognized for contributing to Pakistan fast economic growth, considering that Foreign Direct Investment is termed a top priority of the current government. Explaining the role of FDI in economic development, Wahab added that experts considered FDI to be necessary for the growth of developing economies around the world. FDI brings inter alia efficient management of resources, robust technology, competitiveness, and access to global markets - benefits that are made obvious to us by the Telecom success story in Pakistan, he said.

Irfan thanked FPCCI for the award initiative and extended a special thanks to the Chief Guest and the President of the ceremony for leading reforms in the sector. He said, The Telecom sector is contributing in a big way to the total FDI in the country, Telecom share has jumped from 6.1 million USD in 2004-2005 to 494.4 million USD in 2004-2005, and according to 2004-2005 PTA figures makes up for 32% of the total FDI of the country. This is a testament to progressive government policies. It is such policies that have encouraged Telenor Pakistan to bring heavy foreign direct investment into the country?. Wahab mentioned that in line with its current status as the fastest growing network in the country with coverage formally announced in 286 destinations within some 13 months, and with a fast expanding customer base, Telenor was poised to realize investments to the tune of 1 billion USD within the next few years.

The Telenor group provides communication services in 17 countries worldwide. Telenor ranks as one of the biggest GSM service providers in the world with over 90 million subscribers. Telenor Pakistan is 100% owned by Telenor and adds on to its operations in Asia together with Thailand, Malaysia and Bangladesh.

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