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Libya & Philippines Discuss Enhancing Economic Ties

January 19, 2024
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On Thursday, Libya’s acting Foreign Minister, Taher Al-Baour, and his Filipino counterpart, Enrique Manalo engaged in pivotal discussions aimed at deepening economic cooperation.

This meeting, taking place on the sidelines of the 19th Ministerial Meeting of the Non-Aligned Movement, marks a significant step in fortifying the long-standing relationship between Libya and the Philippines, which spans over fifty years.

Focusing on broadening economic collaboration, both nations expressed a keen interest in involving the private sector. This move aligns with Libya’s broader strategy to diversify its economy, and forge meaningful international trade and investment connections. Simultaneously, it offers the Philippines new avenues for economic engagement and expansion.

In the backdrop of Libya’s aspirations to rebuild and grow, the Philippines emerges as a key ally, especially in sectors like healthcare, education, and infrastructure. The expertise of the Philippines in these areas is invaluable, as Libya embarks on a journey of reconstruction and development.

The skilled Filipino workforce could play a crucial role in Libya’s redevelopment. Their expertise across various sectors could be instrumental in supporting Libya’s ambitious redevelopment initiatives. This partnership is expected to open new opportunities for Filipino professionals, contributing significantly to Libya’s reconstruction efforts.

As Libya navigates its post-conflict recovery, forming alliances like this one is key to its economic revival. The commitment to deepening economic ties demonstrates a shared recognition of the advantages of collaboration, paving the way for future interactions and joint ventures between the two countries.

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.

Libya’s economy, heavily reliant on oil, has suffered due to the ongoing conflict. The instability has led to fluctuations in oil production and prices, impacting the global oil market and Libya’s economy.

The conflict has led to a significant humanitarian crisis in Libya, with thousands of people killed, and many more displaced. Migrants and refugees using Libya as a transit point to Europe have also faced dire conditions.

Tags: economyForeign MinisterlibyaPhilippines
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