Speaking exclusively to Libya Herald, the head of the Libyan-Italian Chamber on the Libyan side, Anwar Abu Sitta, revealed that an understanding was reached with the active commercial partners in Italy to increase trade between the two countries, transfer technology, and help Libya localise different industries.
Abu Sitta was speaking on the sidelines of the Libyan-Italian Forum held on 6 December in Rome.
2023 Q1 Libyan Italian trade expected at US$ 4 billion
Abu Sitta indicated that the volume of trade during the first three months of 2023 is expected to reach more than US$ 4 billion, calling on Italian companies to participate in the Italian Industries Agents Exhibition in its second edition at the Tripoli International Fairgrounds next year in coordination with the General Exhibitions Authority of the Ministry of Economy and Trade.
He added that Italy’s market share in Libya exceeded 14 percent and the value of sales exceeded 2.2 billion euros, with half of Italian exports to Libya being refined petroleum products (53.9%), followed by food and beverage products (13.3%) and machinery (8.1%). Italy is the second destination for Libyan exports, most of which are crude oil and natural gas.
More than 250 business leaders at forum
Abu Sitta noted the participation at the Rome forum of more than 250 businessmen from the two countries, adding that the forum aims to strengthen trade relations between the private sector in the two countries and contribute to the development of companies and create investment opportunities, as well as facilitating the sanctity of transportation and shipping of goods and services to company owners.
Bilateral meetings were also held between Libyan and Italian companies to open prospects for cooperation to achieve a real, direct partnership between owners of companies and factories, and adding that 2024 will be the year of the Libyan-Italian economic partnership.