Ride-hailing behemoth Uber will invest $500 million in Pakistan to grow its operations in the country, the company said on Saturday.
The announcement came after the Uber team met with the Chairman Federal Board of Investment, Dr Miftah Ismail, on Thursday, to discuss expansion of the company in the country. They said they planned on investing $500m to help expansion by 2020.
Talking about Uber’s investment plans for Pakistan, Uber’s Head of Europe, Middle East and Africa, Pierre-Dimitri Gore-Coty said, “We will continue to work closely with the government as Pakistanis benefit from reliable, affordable and safe transportation like Uber.”
Pakistan is a key market for Uber which is why we are channelling significant investment to the country, he added.
The ride-hailing service made inroads in the Pakistani market back in 2015 and is now operational in six cities across the country. The additional investment is aimed at assisting growth in the driver partner network, expanding in more cities, creating more economic opportunities, and the enhancement of Uber’s customer services program.
Commenting on the investment, Dr Ismail said, “We welcome their [Uber] proposal for significant investment that aims to create over 250,000 economic opportunities for Pakistanis. Pakistan has a strong economy and a rising middle class that can benefit tremendously from Uber’s innovative technology.”
The ride-hailing service will also work with organisations to provide ongoing training through initiatives such as the partnership with Punjab Skills Development Fund (PSDF). During his visit to Lahore, Gore-Coty also signed a MoU with PSDF to provide training and economic opportunities to underprivileged youth in Punjab.