No, Libya is not a great example of what you are trying to imply by talking military. Gaddafi had no intention of industrializing his country. He had no idea what industrialization means to a country.
His was a socialistic approach. Sell oil and import goods from the West and somehow distribute the revenue among the populace.
Note also, Pakistan's military strength cannot, in the long run, survive the economic reality of the country. It was doing well before 1971. I saw many many mills and factories in some areas of and in the desert east of Karachi built by private people led by 22 families.
I was expecting Pakistan to grow 22,000 or 220,000 families who would build industries. But, somehow it stopped and your govt started to borrow easy money from here and there. Now, the debt is above $102 billion that you are facing problems to repay with interest.
About Bangladesh, do not worry. We are following exactly the same policy of Pakistan and BD borrowing stands at $70 billion already.
Simply speaking, no economic strength means no military strength. It will be only superficial strength.