The Tripoli based Libyan Minister of Economy and Trade, Mohamed Al-Hwej, met last Thursday the German Chargé d’Affaires, Sven Krauspe, to follow-up on economic and trade cooperation between the two countries, and the mechanism for resuming the work of German companies in Libya in 2024.
Creating a real partnership with EU – led by Germany
In an exclusive interview with Libya Herald, the Spokesman for the Ministry of Economy, Fawzi Wadi, said that the Minister reviewed the national strategy for economic diversification and the participation of non-oil sectors to contribute to increasing GDP, which requires creating a real economic partnership with the trading partners in the European Union, led by Germany.
Encouraging German companies to return to Libya
Wadi stressed Hwej’s encouragement of German companies to resume their work on projects contracted with Libyan institutions, and to participate in implementing the development and reconstruction plan and establishing investment projects, especially in the field of renewable energy, water, infrastructure, and technology transfer.
Reactivate existing agreements, participate in the 50th Tripoli International Fair
The Ministry of Economy’s intention, Wadi indicated, is to activate the agreements concluded with Germany, especially those related to the Joint Chamber of Commerce, organize meetings between business owners in the two countries, and hold joint economic exhibitions and forums.
He also said Minister Hwej called on German companies to participate in the 50th session of the Tripoli International Fair in May 2024.
Germany and German companies desire enhancing trade
Wadi noted the confirmation by the German Chargé d’Affaires the desire of the economic institutions in his country to enhance trade and investment cooperation with Libya, indicating that German companies are working to resume their work in Libya and complete the contracted projects, with their readiness to participate with the local private sector in implementing investment projects under the supervision of the Ministry of Economy and Trade and related parties.
The Ministry of Economy will coordinate with the Commercial Department of the German Embassy, Wadi stated, to organize the Libyan-German Economic Forum 2024 in Tripoli and hold bilateral meetings between investors with the participation of the General Union of Chambers of Commerce, Industry and Agriculture and the Libyan Business Council.
The meeting was held in the presence of the Minister’s Advisor, Mrs. Shather Al-Sayd, the Director of the Foreign Trade Department, Issam Al-Malhouf, and the Head of the International Cooperation Department, Faraj Al-Bey.
