Pakistan completes 5G spectrum auction, secures $500 million investment

Islamabad (Web Desk): Pakistan has successfully completed the auction of 5G spectrum with an investment of approximately $500 million, marking a significant milestone in the country’s telecommunications and technology sector.

The auction saw successful bids from Zong, Ufone, and Jazz. During the event, Jazz also announced an additional investment of $1 billion in Pakistan over the next three years.

Advisor to the Finance Minister Khurram Shehzad stated that the 5G spectrum auction reflects growing foreign investment in Pakistan and demonstrates increasing investor confidence.

He emphasized that this development will accelerate high-speed internet access and boost the country’s digital economy.

He also highlighted that the prior privatization of Pakistan International Airlines, valued at $645 million, further underscores investor trust in Pakistan.

Khurram Shehzad added that the continuity of domestic and international investments not only supports the recovery of Pakistan’s economy but also ensures long-term stability, attributing this success to the effective policies of the Special Investment Facilitation Council.