In a latest development, ride-hailing service Uber has expressed a resolve to invest a colossal amount of $500 million in Pakistan within the next three years. The investment is meant to grow its operations in the country, according to a company’s official statement.
On Thursday, some of the key representatives of Uber met with the Federal Board of Investment Chairman, Dr. Miftah Ismail. During the talk, the notion to grow the company’s operations in Pakistan was also discussed. According to the company, they are intending to invest $500 million in Pakistan to carry out expansion by year 2020.
Pakistan – An untapped market for Uber
While speaking about Uber’s investment plan for Pakistan, company’s Head of Africa, Europe and Middle East, Pierre-Dimitri Gore-Coty stated:
“We will continue to work closely with the government as Pakistanis benefit from reliable, affordable and safe transportation like Uber”
He further added that Pakistan is an extremely pivotal market for Uber. Essentially, this is the reason why the company is keen on investing heavily in Pakistan.
It is relevant to state that Uber made its debut in Pakistan only a couple of years ago. Subsequently, the ride-hailing service is now operational across 6 different cities. The twin cities of the country i.e. Islamabad and Rawalpindi have been the latest addition where Uber kicked off its operations.
The ample investment in Pakistan over the next few years will help in assisting potential expansion in the driver partner network. Moreover, the service will also expand its operations to some other cities across the country. As a result, it will create more job opportunities and consequently it will have a positive impact on the overall economy. In addition, the further investment will enrich the customer service program of Uber.
Dr. Miftah Ismail’s remarks about the investment were:
“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”
Do you think the market of Uber’s direct competitor, Careem will be affected in next few years due to this decision from the company?