Pakistan's business community stated on Tuesday that the country has the potential to enhance its exports to the UK to £5 billion ($5.68 billion) from the current £1.9 billion ($2.16 billion) within five years given that a number of factors work in the country's favour.

Citing the reasons in a statement, the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) said that the South Asian diaspora in the UK would act as a potential market for exporters, competitive pricing can help enhance the market size and upsurge in people-to-people, business-to-business and chamber-to-chamber linkages can strengthen trade.

Recalling his meeting with Pakistani High Commissioner in UK Moazzam Ahmed Khan, FPCCI President Irfan Iqbal Sheikh said both sides agreed that visa facilitation for the business communities held the key to better networking, trade visits and exhibitions.

“Both governments should work together to ease the visa processing requirements and time,” said Sheikh.

A delegation from FPCCI, led by Senior Vice President Suleman Chawla, is currently on a visit to UK.

In the statement, Chawla said that 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.

Accompanying the delegation, former FPCCI president Mian Nasser Hyatt Maggo apprised the UK business community that importing merchandise from Pakistan would result in a win-win situation for both country as Pakistani textiles, leather, IT, sports, surgical and foods products had turned competitive due to currency depreciation, increase in production; import of new machinery and improved awareness of international standards.