The Libyan Business Council (LBC) signed an MoU during its participation in the 3rd Arab British Economic Summit 2023, held on 20th November in London.
Speaking exclusively to Libya Herald, the LBC confirmed that 59 business leaders from across Libya attended the event, the largest Libyan business delegation to visit Britain in the past ten years.
Libya open for business
The LBC said Bandar Ali Reda, the Secretary General of the Arab-British Chamber of Commerce, said this indicates that Libya is open for business and that there is large commercial activity in Libya. It was, the LBC added, representing the return of stability in Libya and the desire of Libyan businessmen and people to revive stalled projects.
The LBC also informed that the Secretary-General of the Arab League, Ahmed Abu Al-Ghaith, welcomed Libya’s presence at the summit and its return to international forums.
The MoU
The memorandum of understanding signed between the LBC and the Arab-British Chamber of Commerce called for:
- Activating economic and commercial activity between the two countries
- Assisting businessmen on both sides in joint projects
- Assisting in establishing training and qualification courses for managers of SMEs
- Holding specialised forums and exhibitions in Libya in the presence of British companies and some Gulf countries
B2B meetings
On the margins of the summit, the LBC reported that there were several meetings between businessmen and British companies, where preliminary understandings were reached, pending confirmation of contracts.
The Arab-British Chamber of Commerce said the event comes as part of their ongoing activities to nurture collaboration between the United Kingdom and the Arab World.
The Summit, under the banner of ‘Sustaining an Emerging Vision’, highlighted the strategic UK-Arab partnership with an emphasis on the widening scope of cooperation within various sectors and industries.
The event sought to identify practical initiatives that can strengthen transnational trade ties and bilateral investment flows in the post-pandemic, post-Brexit low-carbon economy. Discussion concentrated on sustainable tourism, e-commerce, franchising, as well as the banking and financial industry.
This high-level event bought together government officials, senior executives, thought leaders and decision-makers from across the UK and the Arab world to share their ideas and debate the diverse trade and investment opportunities that are emerging in the new technology-based industries.
