Pak-Libya trade cooperation Libya to invest $147m

TRIPOLI, Libya: Prime Minister Syed Yusuf Raza Gilani has stressed the need for increased trade and investment cooperation between Pakistan and Libya in various fields including oil and gas, housing, construction, tourism, agro-industry and defense for the mutual benefit of two countries.
"There is lot of trade and investment potential in Pakistan and Libya, which can be exploited for complementing each other's economies", he said.
The Prime Minister, who is on a three-day visit for participation in the 40th anniversary of Al-Fateh Revolution on the invitation of Libyan leadership, was talking to Libya-based Pakistani business leaders here at an Iftar dinner hosted by Pakistan's Ambassador in Tripoli Jamil Ahmad Khan on Monday night.
The Pakistani business leaders, who were representing major Libyan companies in construction and oil and gas sectors including Mecko, CKT, Camco, ENI and Zveltina, discussed with Prime Minister Gilani the prospects of business opportunities in Pakistan particularly in the fields of oil and gas, agro industry, tourism and construction related industries.
They assured the Prime Minister of full cooperation and support in promoting the trade and economic cooperation between the two brotherly countries.
The Prime Minister said as the Libyan government is investing US$ 147 million for the construction of housing units over next five years, Pakistan can export cement and other related material to Libya.
The Pakistani business leaders also pointed out some problems and delay in the issuance of visa by Libyan authorities for Pakistani businessmen. The Prime Minister said he would raise the issue with the Libyan side.
He said the Libyan Labour Minister will soon undertake a visit to Pakistan, which will help boost the export of Pakistani manpower to Libya.
The Prime Minister said with Pakistan having a good gas distribution system and Libya working on exploration, the two countries can also share each other's expertise in the oil and gas sector.
He said Pakistan's PPL and the OGDCL are interested to get license for exploration in Libya.
Prime Minister Gilani apprised the Pakistani business leaders of the challenges faced by the country including economic recession, terrorism, law and order, food and energy shortages and on how the government was tackling these problems.
He informed the business leaders that the government took strict action against the sugar hoarders and increased supplies to the Utility Stores for sale on subsidized rates, which helped check the surging price of this vital commodity.
The Prime Minister said the government has initiated short, medium and long-term measures to address the issue of electricity shortage in the country, with plans also being made to avoid expected water shortage.
Gilani said the work is in progress on various power projects and he will inaugurate a power project every month.
He said the government was fully cognizant of the issue and will do everything to address the electricity problem.
The Prime Minister in this respect also referred to forward movement during the present government on Thar Coal project, adding, all options of power generation including wind, thermal, hydle and nuclear are being considered and pursued actively to address this problem.
He also mentioned the abolition of FCR in FATA and the approval of Gilgit-Baltistan Empowerment and Self-Governance Order 2009 for Northern Areas as some of the achievement of the government and said the new CFC Award will also be announced soon.
The Prime Minister also apprised the Pakistani business leaders of the recent successful military operation in Swat and Malakand and said most of the Internally Displaced People (IDP) had returned to their homes.