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Home Economy

Libya & Italy Discuss Enhancing Economic Ties

December 23, 2023
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On Friday, Libya’s Finance Minister, Khaled Al-Mabrouk and his Italian counterpart, Giancarlo Giorgetti met in Tripoli to discuss renewing the Libyan-Italian Joint Committee.

This initiative marks a significant stride in reinvigorating economic and financial cooperation between Libya and Italy.

Key points of their discussion included reactivating an agreement to avoid double taxation, and enhancing collaboration across various sectors. The ministers particularly focused on training programs to boost the capabilities of Libya’s customs guards and coastal protection forces, highlighting Libya’s commitment to strengthening its border management and security.

The meeting also addressed joint efforts to combat money laundering, underscoring the importance of financial integrity in Libya’s economic landscape. Al-Mabrouk welcomed the return of Italian companies to Libya, emphasizing opportunities in developmental projects, especially in the clean energy sector, aligning with global sustainable development goals.

This renewed cooperation is pivotal for Libya’s economic recovery, and diversification. Italy, a long-standing partner, plays a crucial role in Libya’s journey toward rebuilding its infrastructure and stabilizing its economy.

The focus on clean energy production reflects Libya’s commitment to sustainable development and diversification, away from its traditional reliance on oil exports. For Italy, engaging in Libya’s energy sector offers an opportunity to expand its global footprint.

Training and capacity-building initiatives demonstrate Libya’s efforts to improve institutional governance, and economic resilience. Strengthening customs and coastal protection aligns with broader goals of enhancing national security, and fostering a more stable and conducive environment for international trade and investment.

The Libyan-Italian Joint Committee’s reactivation signals a deepening of economic relations, and is a testament to both countries’ commitment to mutual growth and collaboration. As Libya continues to stabilize and grow, its partnership with Italy is likely to play a significant role in shaping its economic future, boosting trade, and encouraging sustainable development practices.

Tags: economyFinance MinisterItalylibyatripoli
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