Over the past two years, nine multi-billion, super-rich companies have divested their assets in Pakistan, signaling a substantial shift in the country’s economic landscape. These exits span various sectors, reflecting broader concerns and strategic recalibrations by global corporations.
- Pfizer (USA): In May 2024, the pharmaceutical giant sold its manufacturing operations in Pakistan to the Lucky Group. This marked a substantial withdrawal from a market where Pfizer had a longstanding presence.
- Shell (Netherlands): The energy behemoth divested its retail business and lubricants plant to the Wafi Energy Group, underscoring Shell’s strategic shift as it recalibrates its global portfolio.
- Uber (USA): The ride-hailing service discontinued its operations in Pakistan, including its subsidiary Careem’s food delivery business, highlighting challenges in the local market, including regulatory hurdles and competitive pressures.
- TotalEnergies (France): The French oil major agreed to sell its 50 percent stake in oil marketing company Total PARCO Pakistan Limited to global commodities trader Gunvor Group, marking another significant withdrawal.
- Eli Lilly (USA): Ceased its manufacturing operations in Pakistan in November 2022, pointing to strategic realignments and possible concerns over local market conditions.
- Sanofi (France): In April 2023, Sanofi sold its 52.87 percent shareholding in Sanofi-Aventis Pakistan Limited to an investor consortium led by Packages Limited, reflecting its broader global restructuring efforts.
- Telenor (Norway): The telecommunications provider sold its operations to Ufone/PTCL in December 2023, signifying a strategic exit from a highly competitive market where operational challenges have persisted.
The cumulative impact of these withdrawals could be far-reaching, affecting employment, technological advancements, and economic growth in Pakistan. This trend underscores the importance of addressing underlying market conditions to retain and attract global investment.
