VEON, the global digital operator, has raised its planned investment in Pakistan over the next three years to $1.5 billion from $1 billion, Finance Minister Muhammad Aurangzeb said on Tuesday, signalling continued interest from foreign investors as the country seeks to expand private-sector activity. "This is a significant jump," Aurangzeb said in a virtual address at the SDGs Investment Fair 2026, organised by UNDP Pakistan in Karachi. VEON had announced a $1 billion investment plan earlier this year to expand connectivity, modernise infrastructure and accelerate digital services in Pakistan.

Aurangzeb also pointed to growing foreign interest in the government's privatisation programme, saying three Turkish companies has expressed interest in the first power distribution company being offered for privatisation. "We have the basic hygiene, which is being recognised at the local and international level," he said, referring to improvements in Pakistan's macroeconomic stability.The finance minister also highlighted increased activity on the Pakistan Stock Exchange, saying 11 initial public offerings were completed in the previous fiscal year, the highest number in two decades, while five IPOs were completed in the latest quarter.

Khaadi is also preparing for an IPO, while about 22 real estate investment trusts are expected to list over the next couple of years, Aurangzeb said.When someone is raising equity on the stock exchange, they're obviously looking to either invest, expand their local commercial operations or set up new units," he said. He said Pakistan's twin deficits had fallen significantly, from 12.5 per cent of GDP a few years ago to about 2.6 per cent at the end of June, while the country had recorded a 22-year low fiscal deficit and primary surpluses for three consecutive years.

On the external side, foreign exchange reserves had reached $21.4 billion a few weeks ago, the highest level in the country's history, providing almost three months of import cover compared with about two weeks when the government began its economic stabilisation programme. Aurangzeb said economic growth also needed to be sustainable. The economy had contracted 3.7 per cent three years ago, while growth was projected at 4 per cent this year."We want to move towards growth, but it has to be responsible growth because we want to avoid the boom-and-bust cycles as we go forward," he said.