Pakistan has vast scope to enhance export of food products to Libya which imports about 75 percent food products to fulfil its domestic requirements. This was stated by Ambassador of Pakistan in Libya, Jamil Ahmed Khan while giving a presentation to the business community at the Islamabad Chamber of Commerce and Industry.
He said Pakistan would export 30 to 50 thousand skilled workers to Libya by the end of this year under a MoU signed between the two countries during the recent visit of President Asif Ali Zardari to Libya. The Ambassador said Libyan oil and gas sector projects were open for foreign companies and called upon Pakistani businessmen to explore opportunities in Libya in these sectors.
He said Pakistan and Libya had tremendous opportunities to enhance co-operation in diversified fields and the Embassy of Pakistan in Libya had stepped up its efforts to explore new areas of mutual interest for the two countries. Jamil Ahmed said Libya had one of Africa's highest per capita incomes of 14,500 dollars with surplus budget of more than US $25 billion and forex reserves of US $134 billion.
He said Libya held the largest proven oil reserves in Africa (43.66 billion barrels as of 2007), and its proven natural gas reserves as of 2007 had been estimated at 54.38 trillion cubic feet. All these indicators reflected its good economic strength, he added.
He said Libya was gradually opening up its economy and liberalising its trade. "Private enterprises are encouraged to do business in Libya and Pakistani entrepreneurs should look for increasing their share in Libyan economy," he added. The Ambassador said the major industries of Libya were petroleum, farming, food processing, cement and agriculture.
Pakistan could also provide software, hardware and personnel to oil companies in Libya. Pakistan could increase its exports to Libya of textile products, commercial goods, plastic products, score of items used in the housing sector from cement to wood, furniture, IT, oil and gas equipment, auto parts, sports goods, tractors, agriculture implements, transformers, telecommunication towers and many other items, he added.
"Libya plans an investment of 100 billion dollars during the next 5 years, about 20 billion dollars per year and Pakistan can take very big advantage," he said. Speaking on the occasion, Shaban Khalid, Acting President, Islamabad Chamber of Commerce and Industry said the skilled workforce of Pakistan could best be utilised in the health sector, infrastructure development, engineering projects, information technology, education, banking and finance.
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