APP reported that Mr Syed Yusuf Raza Gilani PM of Pakistan 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 the 2 countries.
He said that "There is lot of trade and investment potential in Pakistan and Libya which can be exploited for complementing each other's economies."
The Prime Minister who is on a 3 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 to Tripoli Jamil Ahmad Khan on August 31st 2009 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 Mr 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 2 brotherly countries.
Mr Gilani said that as the Libyan government is investing USD 147 million for the construction of housing units over next 5 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.
He said that he would raise the issue with the Libyan side. The Libyan Labour Minister will soon undertake a visit to Pakistan, which will help boost the export of Pakistani manpower to Libya. With Pakistan having a good gas distribution system and Libya working on exploration, the 2 countries can also share each other's expertise in oil and gas sector.
Mr Gilani said that Pakistan's PPL and the OGDCL are interested to get license for exploration in Libya. He apprised the Pakistani business leaders of the challenges faced by the country including economic re cession, terrorism, law and order, food and energy shortages and on how the government was tackling these problems.
He said that 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. The government was fully cognisant of the issue and will do everything to address the electricity 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 that the new CFC Award will also be announced soon. Mr Shah Mahmood Qureshi foreign minister, Mr Syed Navid Qamar minister for petroleum and natural resources and senior officials of Pakistan were also present.
(Sourced from Associated Press of Pakistan)
