Prime Minister Shaukat Aziz, in detailed discussion with his Libyan counterpart Dr Al Baghdadi Al Mahmudi, on a broad spectrum of issues, focused on ways to boost trade, joint ventures and investment besides covering regional and international issues of mutual interest.
The two leaders after exclusive in-depth discussions were later joined by members of their respective delegations. Both sides expressed their strong resolve to further intensifying their mutually beneficial co-operation in various fields.
The two sides agreed on convening the 14th session of the Joint Ministerial Commission that has been lying dormant for the past many years, before September in Islamabad.
They also agreed on the reactivation of the Joint Business Council and greater co-operation between the private sectors of the two countries. Shaukat Aziz said there was vast scope for investment in Pakistan by Libyan entrepreneurs in several areas, including infrastructure development, housing, oil and gas besides export of skilled and unskilled manpower in IT, engineering, telecom and medicines.
The Libyan Prime Minister said the two countries can launch an ambitious and gigantic programme of economic co-operation, leading to stronger ties.
Libya also sought assistance from Pakistan for improvements in its banking sector on the recommendations of the International Monetary Fund (IMF).
Al Baghdadi particularly mentioned the iconic place, Prime Minister Aziz has in the global financial sector and said his country desires Pakistan's support in this regard. The Libyan side also sought Pakistan's assistance in building its railways. Prime Minister Shaukat Aziz said Pakistan would extend all support in designing and building of a railway network for Libya.
Minister for Railways Sheikh Rashid will hold a meeting with Libyan Minister on Thursday for further studies about the co-operation in this area.
Pakistan also offered Libya training facilities for students, teachers and experts in different areas.
Shaukat Aziz also briefed his Libyan counterpart about Pakistan's quest for peace in the region and the composite dialogue process with India. The Libyan Prime Minister appreciated Pakistan's role for a negotiated settlement of all disputes.
Both the leaders also discussed the situation in the region, particularly Iran, Iraq, Afghanistan and the Palestinian issue.
Meanwhile jointly chairing a meeting of Libyan business community with Dr Al Baghdadi, Shaukat Aziz said there was vast potential for increased economic co-operation between Pakistan and Libya and said the two countries have agreed to activate the Pak-Libya Holding Company and the Joint Ministerial Commission to institutionalise economic co-operation. He said both the countries had a multifaceted and broad-based relationship, which, he added, could prove to be very beneficial for the mutual good of both the people. He said both the countries have also agreed on easing visa requirements to facilitate business travel between Pakistan and Libya.
Shaukat Aziz appreciated that Libya has abolished all import duties and said it will provide an incentive to Pakistani businessmen desiring to do business here.
He also informed the gathering of Libyan entrepreneurs about Pakistan's investment-friendly policies and urged the private sectors of both the countries to explore avenues of co-operation assuring that the government would act as a facilitator in this regard. The Prime Minister said Pakistan will soon hold a single country exhibition to introduce quality and diversity of its goods. The Prime Minister also invited the Libyan private sector to start flights to Pakistan. Shaukat Aziz earlier laid a wreath at the Al-Hani Monument - the grave of the Unknown solider. He also visited the grave of Mohammad Abu Miniar Al Qaddafi, father of Colonel Muammer Al-Qaddafi.