LAHORE: Lahore Chamber of Commerce and Industry hosted a seminar titled “Enhancing Pakistan-Libya Trade and Economic Cooperation”, attended by Major General (Retd.) Mumtaz Hussain, Ambassador-Designate of Pakistan to Libya.
The seminar was presided over by LCCI President Faheem Ur Rehman Saigol. Among those present were Vice President Khuram Lodhi, Executive Committee Members Nadeem Ansari, Rana Shouban Akhtar, Waqas Aslam, and Firdos Nisar, Convener, LCCI S/C on Pakistan-Libya Trade Promotion, Muhammad Sami as well as chamber members including Kamal Amjad Mian, Irfan Sohni, Malik Riaz Iqbal, Javed Iqbal, Amad Butt, Murtaza Nadeem, and Hafiz Muhammad Shafiq.
In his welcome address, LCCI President Faheem Ur Rehman Saigol emphasized the longstanding friendly relations between Pakistan and Libya and highlighted the need to transform strong political ties into robust economic partnerships. He noted that despite significant trade potential, bilateral trade remains far below its true capacity.
According to State Bank of Pakistan figures for 2025-26, Pakistan imported goods worth approximately US$1.1 million from Libya, while exports to Libya stood at US$13.1 million. He stated that considering the size of both economies and the complementary nature of their markets, bilateral trade should comfortably exceed US$1 billion.
Faheem Ur Rehman Saigol identified substantial opportunities for Pakistani exporters in sectors such as value-added textiles, surgical instruments, processed foods, sports goods, engineering products, construction materials, and IT services, while also highlighting prospects for joint ventures in oil and gas services. He reaffirmed LCCI’s commitment to facilitating business-to-business contacts, trade delegations, exhibitions, and information exchange between the business communities of both countries.
Addressing the participants, Major General (Retd.) Mumtaz Hussain, Pakistan’s Ambassador-Designate to Libya, described his new assignment as a mission to serve Pakistan by reconnecting businesses with a market that offers considerable untapped opportunities.
He emphasized that his primary role would be that of a facilitator and connector between Pakistani and Libyan stakeholders. Stressing the importance of chamber-to-chamber engagement, he encouraged organized business delegations and institutional cooperation to strengthen commercial ties.
The Ambassador-Designate informed participants that Libya presents significant opportunities despite perceptions about instability. He highlighted positive developments toward national reconciliation and noted that a market of over seven million people, with considerable purchasing power and reconstruction needs, offers promising prospects for Pakistani businesses.
