Due to the controversial firewall system being implemented by the government in Pakistan, slow and irregular internet services in Pakistan may cause a large scale exodus from the country. Pakistan Business Council (PBC) and Pakistan Software Houses Association (PSHA) have given this warning. This warning has come at a time when a few months ago some top companies like Uber, Pfizer, Shell, Eli Eli (USA), Sanofi (France), Telenor (Norway), Lotto Chemical (South Korea) sold their entire or partial stake to local companies.
Foreign companies leaving Pakistan
This move indicated a sharp decline in foreign investment and raised questions about Pakistan’s investment climate, economic policies and regulatory barriers. PBC said in a statement, “Many multinational companies (MNCs) are either planning to shift their offices from Pakistan or have already done so, as the alleged installation of firewall is causing massive internet disruption across the country.” Bad situation for the country’s economy
Top financial analyst Sarwat Ali said that digital economy is essential 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.
