Pakistan Slow and irregular internet services in Pakistan due to the controversial firewall system being implemented by the government in 2018 could lead to a massive exodus of foreign business people from the country. This warning has been given by Pakistan Business Council (PBC) and Pakistan Software Houses Association (PSHA). This warning has come at a time when some of the top companies like Uber, Pfizer, Shell, Eli Eli (USA), Sanofi (France), Telenor (Norway), Lotto Chemical (South Korea) have sold their full or partial stake to local companies a few months ago.
Foreign companies leaving Pakistan
The move signalled a sharp drop in foreign investment and raised questions about Pakistan’s investment climate, economic policies and regulatory hurdles. “Many multinational companies (MNCs) are either planning to relocate their offices from Pakistan or have already done so, as the alleged imposition of firewalls has resulted in widespread internet disruptions across the country,” PBC said in a statement.
Bad situation for the country’s economy
Top financial analyst Sarwat Ali said that digital economy is imperative for the growing economy of any country. He said, “Pakistan is already facing economic challenges due to rising unemployment and sluggish growth. In such a situation, it would not be right for investors and businesses to feel insecure about the future of digital or outsourced businesses.” A recent report claimed that nine big companies have sold their assets in Pakistan in the last two years, which is a big blow to the country’s economy.
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