KARACHI: Pakistan’s Ambassador-designate to Libya Major General (r) Mumtaz Hussain has urged the Pakistani business community to explore the trade, investment and employment opportunities emerging in Libya during his visit to the Karachi Chamber of Commerce and Industry (KCCI) on Wednesday.
He said the North African country is entering a major reconstruction phase, creating substantial demand for imported goods, skilled labour and business partnerships. Hussain expressed confidence that Pakistan’s exports to Libya can increase manifold, with bilateral trade having the potential to reach $500 million, provided the private sector actively engages through institutional collaboration and business-to-business linkages.
Addressing the gathering, Hussain said Libya presents enormous untapped opportunities for Pakistani exporters. He noted that the country has a GDP of approximately $46-47 billion, a relatively high per capita income and substantial financial resources, making it an attractive destination for trade and investment.
Dispelling misconceptions about the security situation, he said Libya is currently experiencing a “no peace, no war” environment and that conditions are far more stable than commonly perceived.
He observed that countries such as China have consistently invested in regions facing challenges and have successfully turned those challenges into economic opportunities. Stressing that Pakistani businesses should not allow these opportunities to pass them by, he remarked that once complete stability returns, European companies would rapidly dominate the market, leaving limited space for late entrants.
The ambassador-designate informed participants that the Libyan authorities currently require around 50,000 skilled workers, while Pakistan has already received an official request for thousands of workers.
He expressed concern that despite widespread unemployment in Pakistan, the response from skilled professionals has remained disappointingly low.He assured the business community that the government of Pakistan is proceeding cautiously to ensure the safety and welfare of overseas Pakistani workers while simultaneously facilitating legal employment opportunities in Libya.
He said the country has strengthened its diplomatic presence in Libya, with a counsellor now stationed in Benghazi in addition to Pakistan’s mission in Tripoli. Hussain said Libya currently is importing virtually everything required to rebuild its infrastructure, housing and public facilities, although most imports currently come from Egypt and Turkey.
Responding to concerns raised by the business community over banking channels and payment mechanisms, the ambassador-designate said the State Bank of Pakistan (SBP) has assured full cooperation in identifying practical banking arrangements and alternative mechanisms to facilitate legitimate trade transactions with Libya.
He said Pakistan’s exports have declined from around $32 billion to approximately $30 billion, making it imperative for the country to identify and penetrate new markets.He also emphasised that business-to-business (B2B) and chamber-to-chamber engagement will deliver quicker and more tangible results than relying solely on prolonged government-to-government processes.
Speaking on the occasion, KCCI President Rehan Hanif described Libya as a brotherly Islamic country with immense economic potential but regretted that bilateral trade remains disproportionately low and does not reflect the strong ties between the two nations.
Hanif said expanding exports to Libya should be a national priority, particularly at a time when Pakistan is striving to improve its external sector and strengthen foreign exchange earnings.Presenting an overview of bilateral trade, he said Libya imports goods worth approximately $31 billion annually, while Pakistan’s exports account for only $15-16 million, representing a negligible 0.04 per cent share of Libya’s total imports.
Hanif informed the ambassador-designate that Pakistan’s exports to Libya are currently dominated by textiles, with limited quantities of chemicals, agricultural products and pharmaceuticals, while imports from Libya mainly comprise iron and steel. He stressed that the existing trade basket remains extremely narrow and requires substantial diversification.
