Ali Mahmoud Hassan, the CEO and Chairman of the Board of the Libyan Investment Authority (LIA) held discussions with Catherine Wade, the Deputy Ambassador of the United Kingdom to Libya. This was to explore strategies for mitigating the adverse impacts of sanctions imposed on the LIA by the United Nations Security Council resolutions.
In an official statement, the LIA noted that they delved into “issues related to the freezing measures applied to the corporation.”
The statement went on to highlight that Hassan briefed Wade on “the proactive measures undertaken by the corporation to counteract the negative consequences affecting frozen assets and funds, in line with the sanctions regime in place.”
On Tuesday, the Libyan Minister of Economy, Mohamed Al-Hwaij held a meeting with the British Ambassador to Libya, Martin Longden underscoring efforts to enhance Libyan-British economic cooperation.
The discussions centered on activating the Libyan-British follow-up committee, and exploring ways to foster trade and investment relations between the private sectors of both nations.
During the meeting, Al-Hwaij reviewed the legal and financial status of British companies operating in Libya. He highlighted the Ministry’s role in monitoring these companies, and referred their financial statuses to the Cabinet, and related entities to enable them to resume work on contracted projects, throughout the country.
Al-Hwaij emphasised the United Kingdom’s status as one of Libya’s most significant trade partners. He expressed the Libyan government’s eagerness to strengthen relations with the UK at all levels. As well as to establish an economic partnership, contributing to Libya’s economic stability and sustainable development.
Al-Hwaij also showed readiness to provide facilitations for British companies and investors, and to work with the UK’s economic institutions to organise official visits and bilateral meetings involving business owners. These efforts aim to create genuine partnership opportunities between the private sectors of both countries.
On his part, Ambassador Longden expressed the UK’s desire to boost trade and investment relations with Libya, noting the keenness of British companies to resume their contracted projects in the country.
This meeting marks a significant step towards deepening the economic ties between Libya and the United Kingdom, promising a robust partnership for future economic stability and growth in both nations.