COMPANIES often have ‘their own reasons’ to exit a market. Yet when a consumer products group like Procter & Gamble decides to shut down its manufacturing operations in a 250m-strong market like Pakistan “as part of its global restructuring strategy”, it inevitably reflects negatively on the host country’s business climate. P&G’s departure follows a steady stream of exits by MNCs such as Shell, Telenor, Uber, Yamaha, Eni, several foreign banks and pharmaceutical firms in recent years. The question then is: has Pakistan become more inhospitable for foreign investors than it traditionally was? Sadly, the answer is yes. Several factors,........

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