On Thursday, the Libya-Egypt Business Council announced that four major Egyptian construction companies have secured contracts worth over $4 billion in Libya. This significant development was disclosed by the Council’s Deputy Chairman, Mokhtar Al-Qalai, during a meeting held in Cairo.
The meeting, which brought together the Egyptian 10th of Ramadan Industrial Investors Association and members of the Libya-Egypt Business Council, aimed to explore new markets for Egyptian industries, particularly those based in the 10th of Ramadan City. Over 60 association members attended the event.
Al-Qalai emphasized that the council operates directly under the Libyan Minister of Economy. One of its primary goals is to organize an Egyptian exhibition in Libya to showcase the quality of Egyptian products. The “Made in Egypt” exhibition is scheduled to take place in Libya from September 21 to 24.
Additionally, he highlighted that the council has agreements with the Arab Women Investors Union to collaborate across various sectors, including the upcoming exhibition. This event will feature participation from Libyan business leaders and all Libyan ministers. He noted that Libya has allocated $120 billion for reconstruction efforts.
The collaboration between Libya and Egypt in the construction sector marks a significant step in Libya’s reconstruction and development. Since the 2011 uprising that ousted Muammar Gaddafi, Libya has faced prolonged instability, leaving its infrastructure severely damaged and necessitating extensive rebuilding efforts.
Egyptian construction companies have a proven track record of success in large-scale projects both domestically and internationally. Their involvement in Libya’s reconstruction is expected to bring substantial economic benefits to both countries, strengthening bilateral ties and contributing to regional stability.
The Libya-Egypt Business Council facilitates these partnerships, providing a platform for dialogue and cooperation between business leaders from both nations. By organizing events like the “Made in Egypt” exhibition, the council aims to enhance the visibility of Egyptian products and services, boosting trade and investment opportunities.
As Libya continues to stabilize and rebuild, the partnership with Egyptian construction firms is poised to play a pivotal role in the country’s recovery. The success of these projects could serve as a model for other international collaborations, demonstrating the potential for economic cooperation to drive positive change in post-conflict regions.
