On Wednesday, Libya’s Economy Minister, Mohamed Al-Hwaij met with the Czech Ambassador, Jan Vyčítal in Tripoli to discuss strengthening bilateral cooperation.
They reviewed commercial relations, and the obstacles facing the resumption of the work of Czech companies in Libya. During the meeting, Al-Hwaij urged Vyčítal to encourage Czech companies to invest in Libya’s energy, gas, and healthcare sectors.
Al-Hwaij affirmed his ministry’s keenness to provide the necessary facilities to companies, and to provide them with a suitable work environment for the implementation of investment projects.
He also stressed the need to enhance the role of the chambers of commerce, by establishing joint projects between the private sectors of the two countries. The two sides agreed to hold a joint meeting between Libyan businessmen, to discuss possible opportunities.
In turn, Ambassador Vyčítal expressed the desire of Czech companies to return to Libya, and extended an official invitation to Al-Hwaij to visit Czechia soon.
Libya is striving for the return of major European investors to the oil-rich country once again. Many investors left Libya after the civil war that toppled Muammar Gaddafi in 2011.
More than 90% of Libya’s economy depends on oil, and the government is planning to diversify its sources of income. But investors are afraid to enter into large contracts, due to the lack of a unified government and the ongoing political turmoil for more than a decade.
Libya again has two rival governments, each of which claims sole legitimacy and the ability to make economic agreements.