KARACHI: Pakistan has a potential to enhance its exports to the United Kingdom (UK) to £5 billion from £1.9 billion in FY22 within five years on the basis of some favourable factors such as competitively-priced products, increase in demand for imports from Pakistan, and an uptrend in business to business linkages over last many months, Federation of Pakistan Chambers of Commerce and Industry (FPCCI) president Irfan Iqbal Sheikh said on Tuesday.
Sheikh informed that there was an upward trend in trade surplus between Pakistan and the UK, while an upsurge in people to people had also been seen, he added.
He stated that demand or inquiries for imports from Pakistan in sectors such as information technology services, value-added textiles, leather products, sports goods, fruits, vegetables, gems, jewelry, and artifacts had increased in recent times, especially post-Covid-19.
Moazzam Ahmed Khan, Pakistani High Commissioner in UK, said visa facilitation for the business communities of the two sides held the key to better networking, trade visits and exhibitions. Both the governments should work together to ease the visa processing requirements and processing time, Khan urged. He was speaking at the occasion of a high-profile meeting with the FPCCI delegation at Pakistani High Commission in London.
It is pertinent to note that with the facilitation of Pakistani consulate in London, an official FPCCI delegation led by its senior vice president Suleman Chawla, is visiting various parts of the UK for trade promotion memorandum of understandings, business to business networking, and devising facilitative mechanisms between FPCCI and various large UK chambers of commerce.
Suleman Chawla said a large number of influential Pakistani, British, and British-Pakistani business, industry and trade community members participated in the meetings, events and trade promotion activities, which would result in millions of pounds worth of trade, investment and joint venture agreements, he added.
Mian Nasser Hyatt Maggo, immediate past president FPCCI, who is also accompanying the delegation, apprised the counterpart chambers that importing from Pakistan provided a win-win proposition as Pakistani textiles, leather, IT, sports, surgical and foods products had become very competitive due to the depreciating currency, upsurge in production; import of new machinery, and improved awareness on international standards, certifications and accreditations.
Imran Khalil Naseer, chairman of FPCCI’s Pak-UK business council, expressed his desire to foster strategic partnerships with Greater Manchester Combined Authority (GMCA) through Greater Manchester Chambers of Commerce (GMCC), especially in financial services, creative and innovation sectors between businesses operating within the Greater Manchester region and Pakistan.
He invited mayor of Manchester, Andy Burnham and his team to visit Pakistan along with business community representatives to explore collaborations with their Pakistani counterparts.