The Lahore Chamber of Commerce and Industry in Pakistan hosted a seminar titled “Strengthening Trade and Economic Cooperation with Libya,” attended by Pakistan's Ambassador to Libya Mumtaz Hussain.

The seminar was chaired by Fahim Rahman Segol, President of the Lahore Chamber of Commerce and Industry, who said that given the size of the two countries’ economies and the complementary nature of their markets, bilateral trade “should easily exceed one billion dollars.”

Trade Relations Fall Short of Great Potential

In his welcoming remarks, Chamber President Segol affirmed the long-standing friendly relations between Pakistan and Libya, stressing the need to transform the strong political ties between the two countries into solid economic partnerships. He noted that bilateral trade remains below its true potential despite the significant opportunities available.

Pakistan imports only about $1.1 million worth of goods from Libya

According to figures from the State Bank of Pakistan for the fiscal year 2025–2026, Pakistan imported goods from Libya worth approximately $1.1 million, while its exports to Libya totaled $13.1 million. Segol said that given the size of the two countries’ economies and the complementary nature of their markets, bilateral trade should easily exceed $1 billion.

Segol identified significant opportunities for Pakistani exporters in several sectors, including value-added textiles, surgical instruments, processed foods, sporting goods, engineering products, construction materials, and information technology services, while also noting prospects for joint ventures in oil and gas services. He reaffirmed the Chamber’s commitment to facilitating communication among businesspeople, organizing trade delegations and exhibitions, and promoting the exchange of information between the business communities of both countries.

Connecting the Libyan and Pakistani Markets

For his part, Pakistan's Ambassador to Libya, in his address to the participants, described his new mission as a mandate to serve Pakistan by reconnecting the business sector with a market that holds significant untapped opportunities.

He emphasized that his primary role would be that of a facilitator and liaison between the relevant Pakistani and Libyan parties, stressing the importance of communication between the chambers of commerce in both countries and encouraging the organization of structured trade delegations and institutional cooperation to strengthen commercial ties.

The ambassador informed the participants that Libya offers significant opportunities despite prevailing perceptions of instability there, pointing to positive developments toward national reconciliation. He noted that a market of more than seven million people, with considerable purchasing power and substantial reconstruction needs, offers promising prospects for Pakistani companies.

Strong Presence in Libya

Ambassador Hussain revealed that Pakistan already has a strong presence in Libya through defense cooperation, expressing his optimism about expanding economic cooperation across multiple sectors. He also noted that the Pakistani company Lucky Cement is in the final stages of establishing a cement plant in Libya, describing this as a positive sign for Pakistani investment in the country.

On the other hand, the Pakistani diplomat noted a decline in the number of Pakistani workers in Libya from approximately 80,000–90,000 in previous years to between 15,000 and 20,000 currently, stressing the need to reverse this trend and increase the participation of the Pakistani workforce in the Libyan market.

He announced ambitious goals for his tenure, including doubling Pakistani exports to Libya over the next two years and increasing the number of Pakistani workers in Libya from about 20,000 to 40,000, encouraging Pakistani businesspeople to explore opportunities in Libya before competitors capture market share in this emerging market, and emphasizing that trade and business thrive through cooperation and partnership.