On Saturday, the Libyan Minister of Economy and Trade in the Government of National Unity (GNU), Mohamed Al-Hwaij, emphasised Libya’s pivotal role as a gateway to Africa, leveraging its strategic location and resources.
He underscored the necessity for establishing a long-term Libyan-Egyptian partnership that serves both nations’ interests, fostering economic integration and development.
This declaration was made during a meeting held at the Libyan Embassy in Cairo, where Minister Al-Hwaij engaged with leading Egyptian companies from various sectors including trade, industry, agriculture, and services, all keen on exploring opportunities within Libya.
The meeting saw the presence of Libyan Charge d’Affaires, Mohamed Abdel-Aali, along with key figures from the Ministry of Economy and Trade, highlighting a concerted effort to encourage Egyptian investment in Libya.
The Libyan Minister extended an invitation to these companies to participate in the 50th edition of the Tripoli International Fair scheduled for May. It is a significant step towards facilitating Egyptian entry into the Libyan market. The aim is to establish manufacturing plants within Libya to achieve economic partnership, in alignment with Libyan investment and trade laws.
Numerous companies expressed interest in various projects, including exploiting Libya’s fishery wealth, establishing water desalination and oil water treatment plants, and venturing into furniture, cotton clothing, construction, and eco-friendly agricultural pesticides.
Companies already active in the Libyan business sector reaffirmed the stability across various Libyan regions, encouraging further expansion and inviting new entrants to capitalise on the lucrative Libyan market. This meeting underscores the collaborative vision between Libya and Egypt to unlock Africa’s economic potential through mutual cooperation and investment.
The burgeoning partnership between Libya and Egypt, anchored in strategic economic collaboration, not only aims to foster bilateral growth but also positions both nations as key players in the African economic sphere. This initiative is a testament to the evolving dynamics of Libyan-Egyptian relations. It emphasises economic cooperation as a cornerstone for regional stability and prosperity.
