Slow and erratic internet services in Pakistan because of a controversial firewall system being implemented by the government 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 comes at a time when a few months ago some of the top companies like Uber, Pfizer, Shell, Eli Eli (USA), Sanofi (France), Telenor (Norway), Lotto Chemical (South Korea) had sold their full or partial stake to local companies.
The move prompted a sharp drop in foreign investment and raised questions about Pakistan’s investment climate, economic policies and regulatory barriers.
“Many multinational companies (MNCs) are either planning to shift their offices from Pakistan or have already done so due to massive internet disruptions across the country due to the alleged installation of firewalls,” the PBC said in the statement.
Top financial analyst Sarwat Ali said a 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 major companies have sold their assets in Pakistan in the last two years, dealing a major blow to the country’s economy.
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