Russian e-commerce giant Yango confirms Pakistan investment plans

ISLAMABAD: Yango, which is owned by International tech giant Yandex, has announced its plans to invest in Pakistan, company's president Anton Zykov confirmed during a meeting with Federal Minister for Board of Investment Chaudhry Salik Hussain, The News reported Friday.

The virtual gathering was chaired by the federal minister while Board of Investment (BOI) Secretary Asad Rehman Gilani moderated the meeting.

The minister lauded Yango's willingness to invest in Pakistan and commence its services and also urged the Russian side to explore other areas of investment in the country. 

Hussain also invited the international delegation to consider investing in e-bike manufacturing in Pakistan, which presents a considerable investment opportunity.

Earlier in the meeting, Zykov informed the participants that Yango is currently operating in 33 countries across Africa, Europe, the Middle East, and South America, offering a wide range of services, including ride-hail, foodtech, delivery, and e-commerce. 

The company has finalised its plans to invest in the Pakistani market, which will bring in substantial foreign investment, direct and indirect job opportunities, and digitalise the transport infrastructure in the country.

The delegation expressed its delight at the positive response from the Pakistani side.

The development comes days after Pakistan placed its first order for discounted Russian crude oil under a deal struck between Islamabad and Moscow.

A day earlier, Foreign Minister Bilawal Bhutto Zardari also met his Russian counterpart, Sergey Lavrov, on sidelines of the Shanghai Cooperation Organisation (SCO) Council of Foreign Ministers meeting in the Indian city of Goa.

The two foreign ministers discussed bilateral, regional and international matters of mutual interest and assured each other of working closely to further deepen cooperation between their countries in the areas of food security, energy and people-to-people contact.