New Delhi, Jan 17 (NationPress) The acknowledgment by Pakistan's Finance Minister Muhammad Aurangzeb that several multinational companies have departed from the country due to exorbitant taxes and energy expenses underscores the challenges global firms face in conducting business there.

During a session of the Pakistan Policy Dialogue organized by the Policy Research and Advisory Council (PRAC) in Islamabad, he confirmed the exodus of these firms, stating, "which is true," as reported by Pakistan Observer.

“We must recognize that if taxation, energy costs, and financing costs are high, these are significant challenges,” he was quoted as saying. He urged companies to reconsider their business models in line with the modern world.

Recently, prominent companies such as Procter & Gamble, Eli Lilly, Shell, Microsoft, Uber, and Yamaha have relocated their operations from Pakistan to Gulf nations and various other locations due to excessive taxation.

The report highlights that the problems of high taxation and steep energy tariffs cannot be overlooked, as local investors have long advocated for genuine reforms to lower the cost of doing business.

Moreover, it indicated that growth “will not materialize in a void, and concrete steps must be taken to attract investment and progress towards robust industrialization.”

Additionally, the Telenor Group has concluded its departure from Pakistan, marking the successful sale of Telenor Pakistan to Pakistan Telecommunication Company Limited (PTCL), as the business climate becomes increasingly challenging.

The Qatar-based Al Thani Group recently joined the list of foreign companies withdrawing from Pakistan, citing economic instability and political unrest. The company expressed frustration over delayed payments from the Pakistan government, warning of potential operational halts if payments are not settled, according to a recent article in the UK-based Asian Lite newspaper.