On Sunday, the Libyan Minister of Economy and Trade of the Government of National Unity (GNU), Mohammed Al-Hwaij, held discussions with Sven Krauspe, the acting Ambassador of Germany to Libya.
The meeting, attended by key Libyan officials, focused on strengthening economic and trade partnerships and facilitating the return of German companies to Libya.
During the meeting, Al-Hwaij presented Libya’s strategy for diversifying the economy beyond the oil sector, highlighting the importance of engaging non-oil sectors to enhance the country’s GDP. He emphasized the need for establishing solid economic ties with European Union partners, particularly Germany, underscoring their role in Libya’s economic development.
He urged German firms to resume their operations in Libya and to participate in various development projects, especially in renewable energy and water resources. This aims to integrate international expertise and investment into Libya’s economy.
In turn, Krauspe expressed a strong interest in deepening trade and investment with Libya. He noted that German businesses are keen on resuming their work in Libya, completing existing contracts, and cooperating with the Libyan private sector under the guidance of the Ministry of Economy and Trade, and related authorities.
Al-Hwaij also directed the Foreign Trade and International Cooperation departments to collaborate with the German Embassy’s trade office to organise the 2024 Libyan-German Economic Forum in Tripoli. This forum is planned to facilitate bilateral meetings between investors from both countries, with participation from Libyan and German business chambers and councils.
This meeting signifies Libya’s strategic shift towards broadening its economic base, and reducing reliance on oil revenues. The Forum is a pivotal initiative to attract foreign investment, showcase Libya’s potential, and foster business collaborations.
Germany’s involvement in Libya’s economic landscape reflects a growing confidence in the country’s market, and signifies a key step in Libya’s recovery and reconstruction. The partnership is expected to bring advanced German technology, foster job creation, and contribute to sustainable economic development in Libya.
These efforts are crucial for Libya’s political stabilization and economic reform. In engaging with prominent European countries like Germany, Libya aims to integrate into the global economy, promoting growth and stability in the region.