Pakistan, Jan. 14 -- Finance Minister Muhammad Aurangzeb on Wednesday acknowledged that several multinational companies (MNCs) have exited Pakistan in recent years due to high taxes and energy costs, but urged firms to modernise their business models rather than rely on decades-old practices.

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Speaking at the Pakistan Policy Dialogue in Islamabad, Aurangzeb said that rising taxation, financing constraints and energy prices were "real issues" for foreign investors. Companies including Procter & Gamble, Eli Lilly, Shell, Microsoft, Uber and Yamaha have wound down or restructured operations in Pakistan in the past few years.

However, the minister argued that foreign busin...