The Pakistan Business Council (PBC) issued a warning regarding the relocation of back offices from Pakistan by several multinational companies, with some already having moved recently. This trend is emphasized by a report from the Dubai Chamber of Commerce, which shows a significant increase in Pakistani companies registering in Dubai.
As the number of Pakistani businesses in Dubai rises, concerns about an exodus from Pakistan due to unemployment and economic challenges grow. The migration of skilled workers and the lack of confidence in the government’s economic policies are contributing to this shift.
The PBC highlighted the importance of high-speed connectivity for the domestic economy.
The tech industry in Pakistan has expressed alarm over internet disruptions, warning of potential financial losses amounting to $300 million. The PBC urged authorities to address these issues to prevent adverse impacts on employment and exports.
It is crucial to ensure a conducive environment for businesses, especially in sectors like IT, to achieve export targets and promote economic growth. The Overseas Investors Chamber of Commerce and Industry (OICCI) also cautioned against the negative impact of frequent internet disruptions on Pakistan’s economic progress.
Published in Dawn, August 17th, 2024
[ad_2]
Source link
