Pakistani businessmen and exporters must prepare to amass a mammoth share in Libya’s market during the expected large-scale reconstruction process in the African nation at an estimated cost of $100 billion, said Pakistan Ambassador-designate to Libya Rashad Javed.
During his visit to the Faisalabad Chamber of Commerce and Industry (FCCI), Javed presented a comprehensive documentary on Libya.
He added that following the prolonged civil war, unified elections are expected to be held in Libya on December 24, 2021 under the supervision of the United Nations (UN).
“They will certainly usher the country into a new era of peace and reconstruction as its basic infrastructure is in tatters,” he said.
“Out of the $100 billion reconstruction package, $40 billion has been earmarked for the battered health sector.”
He said that Libya imported almost 80% of all consumable commodities for its domestic use and Pakistan could fulfil the African nation’s needs relating to agriculture, cereals and textile products in addition to exporting its human resource.
During Gaddafi’s tenure, 150,000 Pakistanis were working in Libya and even now, Islamabad can export its skilled manpower in order to enhance its foreign remittances, he stressed.
Talking about the law and order situation, he clarified that it was not as bad as the media projects and urged Pakistani investors and exporters to establish links with the Libyan business community.
He was of the view that after elections on December 24, 2021, investors from all over the world will rush to set up business enterprises in Libya.
“Pakistani exporters should establish their enterprises to promote ‘Made in Pakistan’ products in Libya and adjoining African countries,” he said.
Responding to a question about the banking system in Libya, he said that it was earlier divided into two parts, however, the rival groups have now agreed to establish a central bank.
Similarly, they have also linked Libyan dinar with dollar based economy by fixing its market floatable parity with dollar, he said.
The envoy designate highlighted that no foreigner could purchase land in Libya, however, they could lease it through Libyan partners.
“There are two free economic zones in the African country and investors were earlier allowed to repatriate 60% of their profit but now this law has changed and 100% of the profit can be repatriated.”
Also present on the occasion, former Pakistans ambassador to Libya Sajid Iqbal Paracha said, “The infrastructure of the country [Libya] has been completely destroyed and Libyans are planning to launch an aggressive rehabilitation and reconstruction program.”
The envoy assured of arranging a visit of Libyan importers and investors to Pakistan who would visit Faisalabad as well.