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Mohamed Hwej, the Minister of Economy and Trade in the Tripoli-based Libyan government, met several businessmen and owners of Algerian companies specialized in the fields of industrial engineering and oil at his Tripoli office yesterday.
The meeting was also attended by the Undersecretary for Economic Affairs, Saad Al-Haneish, the Undersecretary for Free Zones Affairs, Nouri Al-Gatati, and the Director of the Foreign Trade and International Cooperation Department in the Ministry.
Enhancing trade relations between the private sectors
At the meeting, the attendees discussed ways to enhance trade relations between the private sectors of the two countries and organize meetings that organize business owners and investors to exchange experiences and expertise and present investment opportunities in the two countries.
Economic partnership with Algeria has become a priority
Commenting on the meeting exclusively to Libya Herald, the Undersecretary of the Ministry of Economy for Free Zones Affairs, Nouri Al-Gatati, stated that the economic partnership with Algeria has become a priority and of utmost importance. This is since Algeria possesses economic potential, great resources, and good experience in several fields. This is in addition to what Libya enjoys of economic advantages and competitiveness and various investment aspects distributed throughout the country and in various fields, on top of which are the fields of oil, mining, raw materials and renewable energies.
Strategic partnership with Sonatrach
Al-Gatati referred to the strategic partnership between Libya in the fields of oil and gas through Sonatrach Oil Company, which participates with the National Oil Corporation in several oil sites inside Libya, including the Ghadames depression in the south of the country, which contains huge reserves of oil, and the Hamada fields as well.
Algeria affirmed intention to return economic and political stability to Libya
The Undersecretary also highlighted the presence of Algerian electricity companies with the General Electricity Company of Libya (GECOL) through the maintenance of the dual substation The Algerian electricity companies were able to return its units to work after a serious overhaul that helped alleviate the problem of load distribution last year. With this cooperation, he explained, Algeria affirmed its intention to establish economic relations with Libya in a way that returns to Libya stability and growth and in a way that achieves good economic returns for both parties.
Reopen border crossings
Al-Gatati Emphasized Libya’s desire to reopen the land ports between the two countries to increase the volume of trade exchange, activate free zones and transit trade towards the African market, especially.
He said the Ministry of Economy and Trade is keen to provide all necessary facilities in the investment and trade sectors and support the private sector to contribute to the diversification of the Libyan economy.
