Pakistan, Oct. 13 -- Over the past several months, an alarming refrain has begun echoing across Pakistan's economic and policy circles: "Multinationals on the Exit." What once seemed inconceivable - leading global corporations scaling down, divesting, or altogether pulling operations from Pakistan - is no longer hypothetical. Recent exits and contractions by Procter & Gamble, Shell, Microsoft, Uber, Pfizer, Yamaha, Telenor, and others have signalled a deeper malaise afflicting Pakistan's business climate.

This exodus should not be taken lightly. It is not about a few isolated corporate decisions or portfolio fine-tuning - it is a stark alarm about how foreign investors now view Pakistan's future. In this op-ed, I examine the causes, cons...