Chairman Senate Syed Yousaf Raza Gilani on Thursday advocated for amplified Pakistan-Libya economic collaboration through joint ventures in key areas like energy, sustainable development projects, agriculture, small and medium enterprise funding, financial technology, and Islamic finance. He emphasized that increased cooperation in these fields would invigorate bilateral relations, boost financial modernization, and secure enduring prosperity. Gilani’s remarks came during a discussion with a high-ranking Libyan delegation representing the Libya Africa Investment Company (LAFICO), a sovereign wealth fund, headed by its Director-designate, Jehad Jamal Al-Buragh.
The visiting delegation included Pak-Libya Holding Company Managing Director and CEO Tariq Mahmood, Deputy Managing Director Basheer B. Omar Matoug, and SEVP and Company Secretary Aamir Zareef Khan. Gilani acknowledged the longstanding association between the two nations, going back to the inception of the Pak-Libya Holding Company in 1978. He commended the organization’s recent resurgence under new management, noting enhanced administration, a broadened portfolio, and a more prominent function in SME financing, renewable energy, and private sector support.
Al-Buragh expressed appreciation for the meeting, viewing it as a testament to Pakistan’s dedication to bolstering economic relationships. He reiterated LAFICO’s concentration on Pakistan and committed to investigating new avenues for collaborative expansion. Mahmood informed the Chairman that the Pak-Libya Holding Company has reverted to its primary role as a Development Finance Institution, facilitating connections between investors from both countries in vital economic domains.
He disclosed ongoing engagement with delegations from Pakistan’s textile and pharmaceutical sectors and a planned promotional event to attract wider engagement. Mahmood also suggested the potential for depositing Libyan Central Bank reserves with the State Bank of Pakistan, reinforcing monetary safeguards and confidence in financial synergy. Both parties underscored the necessity of practical measures to broaden cooperation in renewable energy, information technology, agriculture, and Islamic banking.
Gilani pledged the Senate’s complete backing and encouraged Libyan financiers to capitalize on Pakistan’s Special Investment Facilitation Council (SIFC) as a centralized platform for trade and investment. He also acknowledged the Pak-Libya Holding Company’s efforts in flood aid, microloans, and investment prospects in underserved areas. The Libyan delegation confirmed LAFICO’s exploration of investments in pharmaceuticals, textiles, mining, energy, and other businesses, working closely with commerce chambers to strengthen business connections. Senate Advisor Aizaz Khan provided the delegation with insights into the SIFC’s investor-centric structure, reaffirming the Senate’s commitment to fostering economic progress and foreign investment.