Pakistan has expressed its interest to invest in Libya as the African country seems to be heading towards a new era of peace following the election of a new unified Libyan government under the supervision of the United Nations (UN).
Pakistan Ambassador-designate to Libya Rashad Javed said during his visit to the Faisalabad Chamber of Commerce and Industry (FCCI) that Pakistani businessmen and exporters must prepare to amass a mammoth share in Libya’s market at an estimated cost of $100 billion.
“Out of the $100 billion reconstruction package, $40 billion has been earmarked for the battered health sector,” the Pakistani official said.
He indicated that Libya is importing almost 80% of all consumable commodities for its domestic use, and Pakistan could fulfill Libya’s needs relating to agriculture, cereals, and textile products besides exporting its human resource, which would enhance Pakistan’s foreign remittances.
Javed urged Pakistani investors and exporters to start establishing links with the Libyan business community, saying that after the elections expected to take place on December 24, 2021, investors from all over the world will rush to set up business enterprises in Libya.
He also addressed the concerns regarding the banking system and remittances. “The rival groups have now agreed to establish a central bank, similarly, they have also linked Libyan dinar with the dollar-based economy by fixing its market floatable parity with the dollar,” he explained.
On his part, former Pakistani ambassador to Libya Sajid Iqbal Paracha, who was also present in the event, revealed that there are plans to arrange visits for Libyan importers and investors to Pakistan who would visit Faisalabad as well.
