Pakistani authorities and Etisalat executives are redoubling their efforts to reach an amicable resolution to the $800 million outstanding dispute.
The Finance Minister has stressed the importance of resolving outstanding issues between Etisalat and the Privatization Commission PC and moving forward to find a mutually beneficial solution.
An Etisalat International delegation led by Mikhail Gerchuk, CEO of e& International, met with the Finance Minister on Tuesday. Pakistani authorities and Etisalat executives are redoubling their efforts to reach an amicable resolution to the $800 million outstanding dispute.
Previously, all efforts failed to materialise because the properties could not be handed over to Etisalat following the privatisation of PTCL. Etisalat has also expressed a desire to increase its investment in the country.
Abdulrahim Abdulla Abdulrahim Al Nooryani, CEO of Etisalat Pakistan; Hatem Bamatraf, President and CEO of PTCL and Ufone; and Kamal Shehadi, Chief Strategy e& International Officer, comprised the delegation.
The meeting was attended by the Minister of State for Finance and Revenue, SAPM on Finance Tariq Bajwa, SAPM on Revenue Tariq Mehmood Pasha, Secretary Finance, Secretary IT & Telecom, and senior officers from the Finance and Privatization Divisions.
The finance minister welcomed the delegation and emphasized Pakistan’s deep-rooted brotherly relations with the UAE. He went on to say that the UAE is one of Pakistan’s major economic partners and that Pakistan places a high value on brotherly relations with the UAE.
During his recent visit to the UAE, the finance minister met with Etisalat in Abu Dhabi and Dubai, emphasising the importance of resolving outstanding issues between Etisalat and the Privatization Commission and moving forward toward a mutually beneficial solution.
He also highlighted the prospects for foreign investment in Pakistan, particularly in the rapidly growing IT and telecom sectors, and stated that the government is providing a conducive environment and facilitation to attract foreign investment.
Mikhail Gerchuk, CEO of e& International, briefed the meeting on the company’s profile and future investments in Pakistan and expressed willingness to invest further in Pakistan’s IT and telecom sectors. Both parties agreed to move forward with the resolution of all outstanding issues between Etisalat and the Privatization Commission (PC) in a spirit of goodwill.