Pakistan must exploit huge potential for reconstruction of Libya: Nominated Ambassador

FAISALABAD, Feb 04 (APP): Pakistan must exploit the huge potential for reconstruction of Libya after protracted civil war in that country, said Major General (retired) Rashad Jeved Hilal-i-Imtiaz (Military) nominated Pakistani Ambassador for Libya.

He visited Faisalabad Chamber of Commerce and Industry (FCCI) along with former Pakistani Ambassador in Libya Major General (retired) Sajid Iqbal Paracha.

The nominated Ambassador said that he will try to arrange a delegation of Libyan businessmen in order to facilitate them to have direct interaction with Pakistani exporters. He presented comprehensive documentary about Libya and said that after protracted civil war unified elections are expected on December 24, this year. It will usher a new era of reconstruction with an estimated cost of 100 billion dollars, out of which 40 billion dollars have been earmarked for the battered health sector.

He said that Libya imports almost 80 percent commodities for their domestic use and Pakistan can fulfill its needs for agriculture, cereals and textile products in addition to exporting its human resources. He said, “During the tenure of Gaddafi 150,000 Pakistanis were working in Libya and still we can export our skilled manpower for that country in order to get maximum foreign remittances from them.”

Regarding law and order situation, he said that it is not as bad as projected by media, adding that Pakistani investors, exporters must establish their links with Libyan business community as after election of December 24, investors from all over the world would rush to that country. He proposed that Pakistani exporters should establish their display center to promote “Made in Pakistan” products in Libya and its adjoining African countries.

Responding to a question, about banking system in Libya, he said it was divided into two parts, however, now the rival groups have agreed to establish a central bank. Similarly, they have also linked Libyan Dinar with dollar based economy. He said that no foreigner can purchase land in Libya.

However, they could get lease through their Libyan partner. He said that there are two free economic zones and investors were earlier allowed to send 60 percent of their profit outside country but now this law has been changed and 100 percent profit could be repatriated.

Major General (retired) Sajid Iqbal Paracha, President FCCI Engineer Hafiz Ihtasham Javaid also addressed the function.

Later, Engineer Ihtasham Javaid presented FCCI memento to Major General (retired) Rashad Jeved while SVP Chaudhry Talat Mahmood handed over a souvenir to Major General (retired) Sajid Iqbal Paracha.