Prime Minister Shehbaz Sharif discussed investment opportunities and the promotion of the digital economy with Kaan Terzioglu, chief executive officer of VEON Group — a telecommunications and digital services company, state-run PTV said on X.

During a meeting with the VEON Group CEO at PM House, the prime minister “emphasised the promotion of digital investment in Pakistan”, the broadcaster said.

In the meeting, the prime minister outlined the successful auction of the 5G spectrum that was held last month, with 480 megahertz (MHz) sold for $507 million.

The three bidders — Zong, Jazz and Ufone — had competed for the 2,600MHz band, a key frequency range for 5G services. Zong acquired 110MHz, Ufone 180MHz and Jazz 190MHz during the auction.

During the meeting, PM Shehbaz also shared details of the government’s initiatives to digitise the economy by ensuring transparency and increasing youth participation in the IT sector, PTV added.

Terzioglu lauded the investment opportunities in Pakistan and the government’s efforts to establish a cashless economy, according to the report. He also expressed VEON Group’s intention to further increase investment in the country, said the state broadcaster.

Apart from the spectrum auction, the government is also working on expanding satellite-based internet services, linking Pakistan with international cable systems to become an internet transit hub, and expanding fibre networks across the country.