Islamabad, Pakistan (CU)_ After the election of a new unified Libyan government under the observation of the United Nations, Pakistan has revealed its interest in investing in Libya as the African country appears to be trending towards a new era of peace.
During his visit to the Faisalabad Chamber of Commerce and Industry (FCCI), Pakistani Ambassador-designate to Libya Rashad Javed expressed interest in investing in Libyan markets. He said that Pakistani businessmen and exporters should plan to accumulate a gigantic share in the Libyan market at an estimated cost of $100 billion. He said, “Out of the $100 billion reconstruction package, $40 billion has been earmarked for the battered health sector”.
Javed mentioned that Libya imports around 80% of all consumable products for domestic use, and that Pakistan, in addition to exporting its human resource, could meet Libya’s needs for agriculture, cereals and textile products, thus growing Pakistan’s foreign remittances.
Javed encouraged Pakistani investors and exporters to connect with the Libyan business groups, stating that investors from all over the world will hurry to invest in Libya after the elections scheduled to take place on December 24, 2021. He also discussed the banking system and remittance issues. He explained, “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”.
Sajid Iqbal Paracha, a former Pakistani ambassador to Libya also attended the event. He revealed that arrangements will be made for Libyan importers and investors to visit Pakistan, who will also visit Faisalabad.
