Telenor Pakistan to increase investment in country: CEO Telenor Pakistan Irfan Wahab Khan

Telenor Pakistan to increase investment in country: CEO Telenor Pakistan Irfan Wahab Khan

ISLAMABAD: Chief Executive Officer (CEO) Telenor Pakistan Irfan Wahab Khan called on Adviser to Prime Minister on Finance and Revenue Dr Abdul Hafeez Shaikh here at the Finance Division on Thursday. The CEO briefed the adviser about the brief history and services of the company and expressed intention to increase company’s investment in Pakistan with help and assistance from the government. He briefed that this week they had received additional capital of Rs7.4 billion (45m USD) into Telenor Microfinance Bank from Ant Financial and Telenor. 

This brings the total FDI to $185 million in the last 2 years alone as equity injection into Telenor Bank/Easypaisa to grow Pakistan’s digital payment ecosystem. Irfan Wahab Khan also shared that telecom sector has an investment potential of about US$ 1 billion which can be tapped. He gave a briefing on his plans to improve and provide latest telecommunication services in AJK and GB. He said during the Corona Virus pandemic the use of IT services has helped the economy in a positive way but as the resources of the people are shrinking they are also optimizing, he requested the Adviser to grant certain concessions for the further growth of the sector.

The CEO requested that in view of the ongoing economic situation of businesses in the country FBR may be asked to rationalize the withholding tax/ GST on telecommunication services. He also requested that the issue of SIM Issuance Tax may be settled out of court to bring on an amicable end to this matter. Other issues regarding the renewal of licenses were also discussed.

Adviser to PM Hafeez Shaikh appreciated the contribution of the telecom sector in the development of the country and said it is an important sector which is helping the people in many ways; from job creation to communication and in providing digital access to financial services. He assured all possible help and support for the telecom sector for the prosperity of the country and the industry.