Benghazi is gearing up to host the Libya-Syria Joint Economic Forum for Cooperation and Investment, following directives from the Libyan Minister of Foreign Affairs and International Cooperation, Abdulhadi Al-Hwaij. A preparatory meeting was held this morning at the headquarters of the Chamber of Commerce, Industry, and Agriculture in Benghazi.
The meeting included prominent officials such as the Director of the International Cooperation Department, Awad Mohammed Moussa, the Director of the Arab Affairs Department, Rabha Al-Farsi, and representatives from the Investment Promotion Authority, the Chamber of Commerce in Benghazi, the Industrial Zones Authority, and the Syrian Community Association, along with its delegation.
Discussions focused on finalizing preparations for the forum, which is set to take place soon. Attendees emphasized the importance of bolstering economic cooperation between Libya and Syria to achieve mutual benefits and support economic development in both nations.
The upcoming forum in Benghazi will provide a platform to explore opportunities for trade and investment, aiming to strengthen economic ties and foster collaborative growth.
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.
The planned elections for December 2021 were delayed due to disagreements over election laws and the eligibility of certain candidates. This delay has raised concerns about the feasibility of a peaceful political transition.
Despite the ceasefire, security remains a significant concern with sporadic fighting and the presence of mercenaries and foreign fighters. The unification of the military and the removal of foreign forces are crucial challenges.
