In a significant step in Libya’s economic development, the Minister of Economy and Trade of the Government of National Unity (GNU), Mohammed Al-Hwaij urged German companies to resume their involvement in contracted projects in Libya. This call to action was centered around participation in the development and reconstruction plan, specifically focusing on renewable energy and water resources investment projects.
This development emerged during Al-Hwaij’s meeting with Sven Krauspe, the Acting Ambassador of Germany to Libya. The meeting, attended by the Minister’s Advisor, Shathar Al-Sayyid, Director of Foreign Trade Essam Al-Malhoof, and Head of International Cooperation Faraj Al-Bay was a significant platform to discuss bilateral economic cooperation.
A statement from the Ministry highlighted the discussion of mechanisms for resuming German companies’ operations in Libya. Krauspe emphasized Germany’s desire to strengthen trade and investments with Libya.
The Ambassador also noted German efforts to restart operations in Libya, to complete previously contracted projects. As well as collaborate with the local private sector in executing new investment initiatives.
Al-Hwaij presented the Ministry’s strategy for economic diversification, and increasing non-oil sectors’ contribution to the GDP. The ministry’s strategy aims to establish genuine economic partnerships with EU trade partners, including Germany.
Furthermore, Al-Hwaij called on the Department of Foreign Trade and International Cooperation to coordinate with the German Embassy’s trade office, to organize the Libyan-German Economic Forum 2024 in Tripoli. The forum will facilitate bilateral meetings between investors from both countries, in collaboration with the General Union of Chambers of Commerce, Industry, and Agriculture, and the Business Owners Council.
This meeting marks a pivotal moment in Libyan-German relations, paving the way for enhanced cooperation and investment in vital sectors that promise to boost Libya’s economic resilience and growth.
Libya has been in chaos since a NATO-backed uprising toppled longtime leader Muammar Gaddafi in 2011. The county has for years been split between rival administrations.