TRIPOLI – In a significant step towards bolstering economic cooperation, Libyan Minister of Economy and Trade, Mohammed Al-Huweij, and Italian Ambassador, Gianluca Alberini, convened at the Ministry’s headquarters to discuss strategic partnerships and trade enhancements. The meeting underscored both nations' commitment to fostering a stable and diversified economic landscape in Libya.
Minister Al-Huweij emphasized the crucial need for a unified economic and security vision, outlining a strategic plan to elevate non-oil exports to 60% of Libya’s GDP, thereby reducing the oil sector's dominance to 40%. “A robust economy is the cornerstone of modern state sovereignty,” Al-Huweij stated, advocating for streamlined visa procedures and enhanced trade facilitation to encourage private sector investments in key sectors like energy, transportation, agriculture, and marine resources.
Ambassador Alberini reiterated Italy’s unwavering support for Libya’s stability, aligning with the close governmental ties between the two nations. He affirmed Italy’s backing of UN efforts to achieve stability, while stressing that the process must be Libyan-led. “Libya’s stability is integral to Italy’s strategic interests,” Alberini remarked.
A key highlight of the discussions was the resumption of the coastal road project, "Emssaed - Ras Ajdair," a vital infrastructure initiative that promises to enhance connectivity and stimulate economic activity. The Italian embassy is also actively engaged in educational collaboration, providing scholarships for Libyan female students and reporting a substantial increase in travel visas for Libyan citizens in 2024.
The commercial office at the Italian embassy is working closely with the Libyan-Italian Chamber of Commerce to resolve obstacles hindering business operations, with a focus on establishing robust investment partnerships in mutually beneficial sectors. Both nations aim to create a conducive environment for private sector growth, supervised by their respective Ministries of Economy and Trade.
Libya's push for economic diversification comes at a critical time, as the nation seeks to reduce its reliance on oil and foster sustainable growth. Italy's commitment to supporting this vision, coupled with initiatives to facilitate trade and investment, signifies a strengthened partnership aimed at securing a prosperous and stable future for Libya.
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