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Libya & Egypt Collaborate to Enhance Trade & Economic Growth

December 27, 2023
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In a significant stride towards bolstering bilateral economic relationships, the Chairman of the General Union of Chambers of Commerce, Industry, and Agriculture, Mohamed Al-Raied, spearheaded a prominent Libyan economic delegation’s visit to the Giza Chamber of Commerce in Egypt.

The Libyan delegation was warmly welcomed by the Head of the Giza Chamber of Commerce, Osama Al-Shahed, along with other chamber members.

This move underscores Libya’s commitment to enhancing bilateral trade and investment relations, particularly with Egypt.

During the meeting, the discussions focused on expanding trade and investment, with particular attention to sectors like reconstruction, industry, tourism, transportation, energy, and agriculture. This initiative reflects Libya’s broader strategic goal to diversify its economy, and forge robust regional economic ties.

Key Libyan figures in the delegation included Mohammed Saleh Al-Saadi, the Libyan Consul in Alexandria, and Saleh Al-Obaidi, President of the Benghazi Chamber of Commerce, alongside notable Libyan business leaders. Their presence highlighted Libya’s serious approach toward enhancing economic cooperation with Egypt.

The meeting between Libyan and Egyptian trade officials is a part of Libya’s ongoing effort to rebuild its economy, heavily impacted by years of internal conflict and political instability. Since the fall of Muammar Gaddafi’s regime in 2011, Libya has faced significant challenges, including political fragmentation, security issues, and economic downturns. However, in recent years, there has been a concerted effort by the Libyan government and various stakeholders to stabilise the country and lay the foundation for sustainable economic growth.

Libya’s rich natural resources, primarily oil, have historically been the backbone of its economy. The country is now looking to diversify its economic portfolio by enhancing trade partnerships and attracting foreign investment, particularly in non-oil sectors. The collaboration with Egypt is seen as a critical step in this direction, given Egypt’s strategic geographic location, economic size, and role as a key player in the Arab world.

This engagement with Egypt forms part of Libya’s larger strategy to reintegrate into the global economy, and establish itself as a stable and attractive destination for regional investment. The focus on sectors like tourism, energy, and agriculture is particularly notable, as these areas offer significant potential for job creation and economic diversification.

Tags: economyEgyptlibyaTrade
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