VEON Targets $1 Billion Digital Investment in Bangladesh

Global digital operator VEON and its Bangladesh-based subsidiary Banglalink held an international investment summit in New York on Thursday, seeking to attract $1 billion in foreign direct investment (FDI) to Bangladesh’s digital economy. The summit was held on the sidelines of the 81st session of the United Nations General Assembly.

The event was the first international investment summit under the ‘Invest in Bangladesh Now!’ initiative. Global investors, development finance institutions and senior officials of the Bangladesh government attended the event to discuss investment opportunities and prospects in the country’s digital economy.

VEON launched the ‘Invest in Bangladesh Now!’ initiative earlier this year under a proposed public-private partnership with the Bangladesh government. Under the initiative, the company has committed an initial $250 million investment in Bangladesh. It also aims to mobilize a total of $1 billion in foreign investment for the country’s digital economy by bringing international partners into the initiative.

The New York summit presented Bangladesh’s investment potential to global investors and development finance institutions. Bangladesh Finance Minister Amir Khosru Mahmud Chowdhury, Prime Minister’s Adviser for Posts, Telecommunications and Information Technology Rehan Asad, and Special Assistant for Investment and Capital Markets Tanvir Gani were among the senior government officials attending the event.

Senior representatives of the United Arab Emirates government, the US Department of State, BlackRock, Rothschild, the International Finance Corporation (IFC) and the World Bank also attended the summit.

VEON Group Chief Executive Officer (CEO) Kaan Terzioglu said Bangladesh’s digital transformation has created new opportunities for long-term investment. To capitalize on these opportunities, VEON has committed $250 million to Bangladesh while working to bring international partners together to mobilize $1 billion in foreign investment for the country’s digital economy.

VEON Chairman and Founder Augie K. Fabela said the company is looking for investment opportunities in countries whose digital potential has not yet been fully presented to global investors.

Banglalink CEO Erik Aas said the New York event marked an important milestone in the company’s transformation into a digital service provider. He expressed hope that showcasing Bangladesh’s potential to leading global investors and development finance institutions would create opportunities for long-term investment in the country’s digital sector.

Under the VEON-Banglalink initiative, VEON plans to invest $250 million in Bangladesh, while a further $750 million is targeted from international investors for the country’s digital economy.

//DBTech/ BLP/SME/MIST//