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Libya and Italy discuss expanding trade, investment, and business environment
via Libya Herald5 min read
Suhail Abu Shiha, Libya's Minister of Economy and Trade, met with Italian Ambassador to Libya, Gianluca Albrini, along with the heads of the Libyan and Italian Chambers of Commerce, Anwar Abu Sitta and Nicola Colicchio, and Fabio Giudici, Director of the Commercial Office at the Italian Embassy. The meeting focused on reviewing trade indicators and existing investment partnerships across various sectors. Discussions also covered mechanisms to enhance cooperation between chambers of commerce and business owners to facilitate trade, increase exchange volume, and strengthen investment. The Minister highlighted the strong Libyan-Italian relations and Rome's support for Libya's economic development, reaffirming the Ministry's commitment to assisting Italian companies and investors entering the Libyan market and participating in government projects. The Italian ambassador praised the Tripoli-based Libyan government's efforts in revitalizing trade and investment, noting its growth and Italy's desire to boost transit trade to European and African markets by leveraging both countries' geographical locations. A workshop on "Libyan-Italian Relations: Towards a Comprehensive and Sustainable Cooperation Model" was also discussed, covering economic and development issues such as oil, renewable energy, agriculture, marine resources, water resources, investment promotion, and export development. Anwar Abusitta stated that the next phase will focus on activating the Joint Chamber of Commerce
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The Director General of the National Development Agency NDA, Mahmoud Al-Farjani, met with a US delegation in Benghazi, including Commercial Officer Mike Larocque, Economic Officer James Frumson, and American Chamber of Commerce in Libya President Debbie Hurst. The meeting, requested by the US side, focused on economic and investment cooperation opportunities. Discussions covered strategic projects by the NDA in various Libyan cities, particularly in the central and southern regions. The US delegation acknowledged the NDA's progress in development projects, citing the opening of Sabha International Airport and projects in Sirte. They also noted the increasing interest of US companies in cooperation and partnership, especially after the launch of the National Food Sovereignty Project and the Thousand Centre Pivot Irrigation Initiative with major US agricultural companies. The US delegation affirmed the NDA's role as a trusted partner for international institutions and companies, emphasizing the importance of continued coordination to support development and create new investment opportunities in Libya.
A high-level Libyan delegation, including the Chairman of the Renewable Energy Authority of Libya REAoL, Abdel Salam Al-Ansari, and officials from the General Electricity Company of Libya GECOL, visited Morocco's Ministry of Energy Transition and Sustainable Development. The visit, which occurred last Tuesday, aimed to strengthen cooperation and exchange expertise in sustainable energy and energy transition. The Moroccan side, led by the Secretary General of the Ministry, Mohamed Hamid, presented Morocco's achievements in renewable energy, showcasing its strategic projects in solar and wind energy. The Libyan delegation also outlined its National Renewable Energy and Energy Efficiency Strategy. Additionally, the Libyan delegation met with the Moroccan Agency for Sustainable Energy MASEN, which presented Morocco's experience, key projects, and regulatory framework in the renewable energy sector. These meetings are part of joint efforts to enhance relations and foster technical and institutional cooperation in the energy sector between Morocco and Libya.
The Libyan Export Development Authority LEDA and the Libyan Iron and Steel Company LISCO have signed a Memorandum of Understanding to establish a factory for fishing trawlers. This agreement aims to enhance Libya's national industrial capabilities, utilize available resources, and develop local products to support complementary industries and strengthen the national economy. The project will specialize in manufacturing fishing dredges and vessels, thereby supporting the marine resources sector, increasing the efficiency of the local fishing fleet, and creating new job opportunities. It also seeks to develop national capabilities in maritime industries, support investment in marine resources, produce local products to meet market needs, and open up export opportunities. Both parties emphasized the project's importance in supporting economic development, strengthening national institutional partnerships, and expanding local production to diversify income sources and bolster the national economy. The agreement was signed by Mohamed Abdelmalik Al-Fagih, Chairman of LISCO, and Mohamed Al-Hangari, Chairman of LEDA.