In a strategic move Mohamed Al-Hwaij, the Minister of Economy in the Libyan Government of National Unity (GNU), recently held a video conference with business owners and traders operating in Yiwu, China.
This meeting, which included key figures such as the Minister’s advisor Shather Al-Sayid and the Director of Foreign Trade and International Cooperation Essam Al-Malhoof, aimed at exploring avenues for enhancing bilateral trade.
The meeting focused on identifying and addressing critical challenges in shipping, banking transactions, customs procedures, and finding solutions through coordination with relevant authorities.
The discussion also covered various decisions made by the Ministry that impact trade dynamics. These are pivotal in stimulating Libya’s economy, and fostering inter-trade with China.
Al-Hwaij emphasised the importance of revising these decisions to ensure they align with the objectives of protecting consumers, and supporting business owners and traders. He highlighted the need to energize and localize the industry in Libya to diversify the state’s revenue streams.
A directive was issued to form a committee comprising representatives from the General Union of Chambers of Commerce, Industry, and Agriculture, and the Libyan-Chinese Business Council. This committee is tasked with proposing amendments to Decision 766 of 2023, concerning the regulation of goods importation and legal judgment.
Al-Sayid underscored the significance of establishing a joint Libyan-Chinese commercial chamber. This would be composed of major company owners, to facilitate ongoing communication with the Ministry of Economy, and participate in decision-making processes that invigorate bilateral trade.
The meeting signifies a crucial step towards resolving trade-related challenges, and reinforcing economic ties between Libya and China. Such initiatives are essential in navigating the complexities of global trade and establishing a robust economic foundation for Libya’s future.