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Libyan Prime Minister Aldabaiba visits Rome amid trade challenges with Italy
via Libya Herald1 min read
Libyan Prime Minister Abdel Hamid Aldabaiba is on a two-day official visit to Rome, accompanied by several ministers. His visit comes as economic relations between Italy and Libya face hurdles, including payment difficulties, uncertain regulations, and complex procedures, despite both nations' interest in boosting trade. To address these issues, the Italian-Libyan Chamber of Commerce has proposed establishing a bilateral technical committee focused on compliance, payments, customs, and legal security for trade. This mechanism aims to create a more transparent and predictable environment for businesses. Italian companies operating in Libya encounter structural obstacles such as challenges with international payments, often leading them to use third-country intermediaries, which increases costs and risks. Other problems include jurisdictional uncertainties in contracts, issues with financial flow traceability, and discrepancies in customs and tax procedures. Unreliable financial instruments, like frequently disputed letters of credit, and a reliance on cash or indirect payment methods also contribute to the difficulties. Furthermore, Italy faces hundreds of millions of euros in unrecovered credits, impacting investor confidence.
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This summary was AI-generated from a story originally published by Libya Herald.
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