Finance Minister Aurangzeb has explained the recent exits of some multi-national companies from Pakistan while highlighting growing investment interest from the Middle East. He said the developments reflect both challenges and opportunities in the country’s economic landscape.
In an interview with a private news channel, Aurangzeb noted that multinational firms often make strategic decisions based on their priorities, including which markets to focus on, which clients to serve, and which products to promote.
Several major companies, including P&G, Telenor, Microsoft, and Careem, recently announced plans to scale back or cease operations in Pakistan. However, the minister emphasized that the exit of these companies is balanced by new investors entering the market.
Citing examples, Aurangzeb mentioned Aramco, Wafi Group, and Mashreq Bank, noting a shift in investment from Western countries to the Middle East. He also highlighted the privatisation of First Women Bank, now owned by UAE-based International Holding Company (IHC), which plans to expand the bank’s network and enhance digital operations.
The finance minister added that regional investors, including Abu Dhabi Ports, are showing interest in Pakistan, signaling a strategic shift toward long-term economic collaboration.
Addressing past concerns, Aurangzeb acknowledged that foreign investors previously faced difficulties repatriating profits and accessing their capital. He said most of these issues have been largely resolved, making Pakistan a more attractive destination for new investments.
The minister also highlighted the growth of Pakistan’s local industries. He said domestic companies are becoming highly productive and cost-efficient, providing competition to international firms. “Local businesses are evolving into world-class entities, similar to how perceptions about ‘Made in China’ have changed,” Aurangzeb remarked.
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In conclusion, Aurangzeb stressed that while some multinational companies are leaving Pakistan, new Middle Eastern investors are entering, reflecting confidence in the country’s economic potential and growth prospects.
