The Libyan Minister of Economy and Trade in the Government of National Unity (GNU), Mohamed Al-Hwaij, expressed optimism about Libya’s economic future, expecting it to become one of the leading economies within the next seven years.
In a statement, the Libyan Minister outlined several key objectives for the upcoming five years, with a focus on achieving political stability and fostering economic development.
“Libya’s vision for the next decade emphasises diversifying its economic sources, including agricultural, industrial, and service sectors, as well as petrochemicals,” he said.
Al-Hwaij noted that higher oil prices directly contribute to increased financial reserves. He stressed that all sectors are open to foreign companies, irrespective of their origin, be it European, American, or Arab.
“We have no reservations about any country or any activity, including oil,” he stated.
Acknowledging the positive impact of rising oil prices on oil-dependent economies, he stressed the benefits, such as increased financial reserves and coverage of expenditures.
Al-Hwaij called on the international community to support Libya in achieving political stability and institutional unity. He concluded by urging the Arab League, the European Union (EU), and North America to contribute to the reconstruction of Libya.
Last week, Al-Hwaij discussed avenues of cooperation in the fields of economy and investment with the Italian Ambassador to Libya, Gianluca Alberini. They also discussed mechanisms for networking between businessmen in both countries.
Al-Hwaij emphasised the importance of implementing the provisions of the 2008 Friendship Treaty, and resuming work on contracted infrastructure projects. Most notably the Coastal Road connecting Imseid and Ras Ajdir.
Al-Hwaij underscored the significance of joint cooperation, based on a long-term strategic vision. He added that Italy is one of Libya’s most important trading partners within the EU. He highlighted numerous promising opportunities for business and investment offered by the Libyan economy.
The Minister called on the Italian side to make the necessary arrangements for the convening of the Libyan-Italian Joint Committee. As well as to organise meetings involving the Libyan Ministry of Economy and its Italian counterpart, to develop a shared vision that outlines the framework for bilateral cooperation between economic and trade institutions.
Al-Hwaij commended the collaborative efforts between the two countries in telecommunications, electricity, and transportation. He also praised the resumption of direct flights between the two nations.
On his part, the Ambassador expressed the Italian government’s desire to enhance cooperation with Libya in areas of mutual interest, as well as the keenness of Italian companies to resume their work, and complete contracted projects. He added that the resumption of flights between the two countries would witness an increase in the number of weekly flights, to support bilateral relations.