The Libyan-Egyptian Business Forum began under the slogan “Egypt and Libya towards integrated and sustainable development” in Cairo yesterday.
The event was attended by the mayor of Giza, Ahmed Rashid, the Vice -President of the Egyptian General Union and the Chairman of the Board of Directors of the Giza Chamber, and from the Libyan side, Mohamed Al -Raied, President of the General Unio of Libyan Chambers of Commerce, Industry and Agriculture, Saleh Al -Obaidi, Chairman of the Benghazi Chamber of Commerce, Industry and Agriculture, Benghazi, and Major General Hafed Al -Sheikhi, Director of the Benghazi Customs Authority.
Speaking exclusively with Libya, Herald, President of the General Union of Libyan Chambers of Commerce, Industry and Agriculture, Mohamed Al -Raied, said that activating the Egyptian -Libyan Chamber of Commerce is a step to enhancing trade cooperation and economic integration between Egypt and Libya.
Return trade levels to previous heights and beyond
Al -Raied added that the forum aims to increase the facilitation of the transfer of individuals, capital, goods and services, and work to remove obstacles to support trade between the two countries to restore it to its previous status and beyond.
Previous agreements need amendment
He pointed to the joint trade agreement between Egypt and Libya signed in 1990 and that the agreement signed on its margins for transportation and passengers has become in urgent need of amendment and development to cope with the developments and changes that have occurred in the economy of the two countries.
He attributed the most important problems facing the increase in economic cooperation between Egypt and Libya that have caused the decline in the current indicators of cooperation and trade movement between the two countries in recent years to this lack of amendment.
Egypt willing to participate in Libyan construction projects
Al -Raied stressed that the Egyptian side, whether in the public or private sector, expressed its willingness to cooperate in all economic fields and participate in the construction and development projects in Libya and support the efforts made to stabilize the situation in the country, considering Libya’s stability the stability of Egypt and the region.
Libyan-Egyptian trade increased by about 60 percent between 2020 to 2021
For his part, Saleh Al -Obaidi, Chairman of the Benghazi Chamber of Commerce, Industry and Agriculture, said in an exclusive statement to Libya, Herald, that the volume of trade between Egypt and Libya decreased from 2.5 billion dollars in 2010 to about 500 million dollars in 2018. Commercial relations improved in the recent period, returning volumes to about one billion dollars in 2021, compared to 645.9 million dollars in 2020, an increase of about 60 percent.
Formulate plans to remove impediments to trade
Al -Obaidi added that this important forum for the two countries is held with the support of the two General Unions of the Chambers of Commerce in Libya and Egypt in order to formulate plans that contribute to increasing trade exchange and opening the Libyan market for Egyptian companies wishing to work with Libyan partners and remove what impedes the movement of individuals, employment and capital between the two countries.
Private sector laying foundations
He emphasized the direct organization of meetings between Egyptian and Libyan businessmen in all fields to lay the foundations of direct cooperation between them, saying that the two countries are seeking to implement joint projects.
Committee to follow up on forum recommendations
Al-Obaidi pointed out that the forum includes all the business sectors, and direct meetings will be allocated between Egyptian businessmen and the leaders in the fields of investment, industry and trade and the formation of an executive committee to follow up the recommendations of the forum.
An exhibition of Egyptian products and services will also be held in Libya under the slogan of ‘‘Made in Egypt’’.
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