KARACHI, June 26: More than half of Pakistani businesses (55 per cent) believe there are huge opportunities in Africa, with a further 93 per cent of companies expecting the number of opportunities to trade with Africa to increase over the next five years, according to new research from Barclays.

The research carried out on behalf of Barclays by the Lahore University of Management Sciences asked 200 companies across five cities about their views of Africa as a place to do business and as an emerging market for trade.

South Africa, Kenya and Egypt were named as the top destinations for export opportunities, while Kenya, South Africa and Tanzania were named as the top African nations when it comes to Pakistani imports.

Arslan Nayeem, Head of Corporate Banking for Barclays in Pakistan said that while the findings appear broadly positive, the potential for Pakistani exporters in Africa was still being significantly underestimated.

In terms of sectors, more than 70 per cent of respondents said the best exporting prospects were for towel and leather goods.