Libya & UK Sign MoU to Strengthen Trade


In a move to strengthen trade, the British Libyan Business Association (BLBA) has formalised an agreement with the Libyan Business Council (LBC), the only legally sanctioned business council in Libya. The Memorandum of Understanding (MoU) was signed at the LBC’s central office in Tripoli by Jon Hancock, the BLBA Chairman, and Hisham Aldali, the newly appointed General Manager of the LBC.

Aldali, extending a warm welcome to the BLBA, expressed a desire for a robust partnership with the BLBA, and associated UK businesses. As Chairman, Hancock underscored the critical role the LBC plays for the BLBA, given Libya’s vibrant private sector. He conveyed the BLBA’s commitment to aid the LBC and Libya in bringing their projects to fruition, revealing that the BLBA has been actively involved in various projects over the year.

Hancock further emphasised that the BLBA has been, and continues to collaborate with Libyan partners, meeting the needs of Libyan companies and organisations by linking them with UK partners. He credited the BLBA’s continued presence in Libya for its successful partnerships.

BLBA’s CEO, Alex Breingan, shared optimistic feedback from UK companies, who are showing a renewed interest in the Libyan market. Tarek Smuee, the LBC’s Head of Media and Public Relations, expressed hope for tangible projects, given BLBA’s local presence. He shared the availability of several prospective projects across multiple sectors, looking forward to formulating action plans.

The LBC also sought assistance for a member aiming to export fish products to the UK, expressing disappointment over the EU’s delay in inspecting the exporter’s factory. Hancock responded by informing them about an upcoming visit from a UK firm specializing in bringing exporters up to UK standards. He concluded on a forward-looking note, asserting that the time is ripe for action and deliverables.

On Thursday, the British Ambassador to Libya, Caroline Hurndall concluded her week-long visit to Benghazi, in which she focused on the economy and strengthening the British trade partnership with eastern Libya.

During the visit, she emphasized the importance of “strengthening economic partnerships and encouraging transparency in government spending.”

“The burgeoning economic activities,” she noted, “underscored the potential of the region and the necessity of solidifying trade relations.”

“I’m impressed by the economic growth I’ve seen, from visiting Benghazi’s port to meeting with local businesses,” Hurndall tweeted.

“The vibrancy of the local economy in Benghazi has been a revelation,” she said. “It is imperative for the economic future of the region that we continue to nurture and deepen our commercial partnership.”