Osama El Shahed, Chairman of the Giza Chamber of Commerce, embarks on a visit to Libya on Sunday, leading a delegation of Egyptian businessmen, including members of the General Federation of Chambers of Commerce and the Egyptian Industries Union.
The Egyptian delegation seeks to explore trade cooperation opportunities between the two countries and promote investment in the Egyptian market, especially after the recent economic reforms implemented by the Egyptian government.
Discussions are expected to focus on Egyptian export opportunities in the Libyan market, particularly in cities like Tripoli, Misrata, and Benghazi, which are experiencing strong growth prospects. Mechanisms to enhance the presence of Egyptian products in Libya will also be explored.
El Shahed highlighted significant opportunities for joint investment cooperation with Libya, leveraging geographical proximity and strong business relations between the two countries. He noted that the Egyptian private sector has already begun investing in the Libyan market across various sectors, especially infrastructure.
Furthermore, he emphasized the importance of leveraging trade agreements between the two countries, including the Common Market for Eastern and Southern Africa (COMESA) agreement, as well as the Generalized System of Preferences (GSP). The Joint Egyptian-Libyan Higher Committee, aimed at facilitating economic cooperation, trade, and investment flow between the two nations, was also highlighted.
El Shahed pointed out that the Libyan market is one of the most important and promising markets for Egyptian exports, including vegetables, fruits, ceramics, stones, iron, cement, fuel, and oils.
Export figures show a significant increase in Egyptian exports to Libya, reaching $1.6 billion from January to November last year, a 48% rise compared to the same period in 2022.
Waleed Gamal El-Din, the head of the Export Council for Building Materials and Metal Industries, highlighted Libya as a promising export market for the building materials sector due to its strategic and economic importance to Egypt.
Gamal El-Din noted that Libya accounts for 20% of building materials exports and aims to increase sector exports by 15% by the end of the current year through participation in international exhibitions.
He also mentioned ongoing efforts to eliminate transportation and shipping obstacles between the two countries to facilitate the flow of goods to Libya and increase exports.
