The Libyan Minister of Economy and Trade, Muhammad Al-Hwaij, and the Secretary-General of the Arab League, Ahmed Aboul Gheit, discussed a mechanism for implementing a comprehensive strategy for economic cooperation among Arab countries.
In the meeting, Al-Hwaij stressed the necessity of activating the Greater Free Trade Zone, activating transit trade, and facilitating procedures and transactions for business owners and investors. He added that this will diversify the economy and achieve sustainable development in the region.
Notably, Nevin Gamea, the Egyptian Minister of Trade and Industry revealed that Egypt’s exports to Libya increased to about $938 million during 2021, compared to about $570 million in 2020, achieving an increase of 64.5%.
Gamea said that the Libyan market is one of the largest receiving markets for Egyptian exports in 2021, as it ranked 9th globally.
This came during her meeting with the Libyan Minister of Economy and Trade on Thursday. They discussed ways to enhance trade and economic relations and the possibilities of developing the rates of trade exchange between the two countries during the next stage.
Gamea explained that the current stage is witnessing a significant improvement in the rates of trade exchange between the two countries. This comes on the sidelines of the 109th session of the Economic and Social Council of the Arab League, which concluded its activities in Cairo.
During the meeting, they agreed to start preparing for a meeting between experts regarding trade and industry issues, as part of preparing for the next session of the Egyptian-Libyan Joint Higher Committee.
On his part, Al-Hwaij confirmed his country’s keenness to strengthen trade and investment relations between Egypt and Libya. He stressed the importance of building on the great economic potentials and capabilities of both countries.
He also called for benefiting from the advantages of geographical proximity and the strong relations between the two countries’ businessmen.
Al-Hwaij pointed out that the Egyptian private sector already begun to invest in the Libyan market in the field of infrastructure.