Islamabad, Pakistan and Libya need to improve their commercial and economic relations to promote bilateral trade and investment by taking advantage of new business opportunities.
Head of Libyan Mission, Abdel Salam Mahdi Ali al-Rqxi made these remarks while talking to President, Islamabad Chamber of Commerce and Industry (ICCI), Yassar Sakhi Butt during his visit to ICCI. He said that both the countries have common historical relations that could provide a sound base for promoting and strengthening trade and economic ties.
He informed that Pakistani business community could get new lucrative opportunities in Libya in sectors of textiles, leather, pharmaceutical and construction, adding that there is an increasing demand for Pakistani sheep in Libya, thus, Pakistani businessmen should consider Libya for joint ventures in the area of common interest.
Speaking on the occasion, Yassar Sakhi Butt, President ICCI said that Pakistan and Libya has still unexplored market for businessmen of both countries. He said frequent exchange of business delegations and establishing direct B2B contacts are the options which should be used to exploit untapped bilateral trade and investment potential in both countries.
President ICCI said that Pakistan and Libya have low trade volume which should further be enhanced through emphasizing on non-traditional items for the mutual benefit of the people of two countries.He said Pakistani products including rice, sports goods, surgical instruments, pharmaceutical, leather & textile products etc. could be exported to Libya and proposed that Libyan businessmen should look into the opportunities to develop business relation in the identified areas. Yassar Sakhi Butt also underlined the need to enhance cooperation in the field of defense and Liquefied Petroleum Gas that would provide an opportunity to both the countries to come closer.
ICCI President said that the business communities of Pakistan and Libya have to play a vital role for promotion of bilateral trade and their greater mutual interaction is needed to achieve the ultimate objectives. He ensured full support of ICCI in emerging trade and investment activities. He said that organizing of joint cultural shows was the option which could be used to exploit untapped bilateral trade and investment potential in both countries.