The Tripoli based Libyan Foreign Ministry announced yesterday that Libya will assume from 1 January 2025 the presidency of the United Nations International Olive Council for one year.
The news came out of the International Olive Council’s 120th session held in Madrid, Spain in which Libya was participating.
The Libyan Foreign Ministry reported that Libya, Uruguay and Israel applied for the presidency of the Council, while Iran submitted a request to extend the term of its presidency of the Council.
Export accreditation
More importantly, during yesterday’s meeting, Libya was granted the accreditation certificate for sensory and chemical laboratories, thus making Libya among the countries that can grant an accredited certificate for exporting olive oil to all countries of the world.
At the same meeting the Council agreed that Libya will host its next session in Tripoli.
A great achievement for Libya’s economic diversification efforts
The news is a great achievement for Libya’s economic diversification efforts. Libya has struggled to export quantities of its high-quality olive oil directly. Its olive oil is often exported to neighbouring states, mostly Tunisia. There, some exporters of Tunisian olive oil would mix Libyan olive oil and export it as Tunisian olive oil.
Libyan producers would only obtain a restricted profit margin by exporting it to Tunisia with the Tunisian exporters gaining the added hard currency profit. Libyan producers also miss out on the brand value of exporting directly to European or North American importers.
A boost to investors
The accreditation should also give a boost to many Libyan investors who have in recent years planted hundreds of thousands of new olive oil producing olive trees (as opposed to olives produced for eating). These are overwhelmingly the new type of dwarf olive trees that produce from year one such as Arbequina.
Setting a precedent to other sectors
Libya’s export accreditation achievement should also set a precedent for other potential export sectors such as fish, dates, honey etc, as well as other sectors that are not currently, but could become, export sectors.
The accreditation achievement should focus Libyan minds on other possible avenues for diversifying Libya’s economy away from hydrocarbons.
Libyan olive oil has won several international prizes
It will be recalled that Libyan olive oils have won several international prizes for their quality, including in Miami, Athens, Geneva, Tokyo, Oslo, and Berlin. One Libyan brand, Libico olive oil, is already exporting some quantities to Italy. However, without international accreditation, Libya had been unable to leverage this to export large quantities of its olive oil production.
Seminar on improving quality of Libyan olive oil to comply with international standards
Libyan olive oil wins gold and silver in U.S. olive oil competition (libyaherald.com)
Libyan non-oil exports reach US$ 3.1 billion, headed by dates, olive oil and fish (libyaherald.com)
Libyan olive oils win three prizes at the Japan Olive Oil Prize 2023 (libyaherald.com)
First National Olive Oil Prize launched (libyaherald.com)
Libyan olive oil from Gharian wins two international prizes during May (libyaherald.com)
Libya’s Libico olive oil from Gharian wins another international prize (libyaherald.com)
Libyan olive oils win prizes at Berlin awards – plans to increase production | (libyaherald.com)
Libico olive oil exported to Italy | (libyaherald.com)
Libya organizes non-oil exports conference – Tripoli, 16-17 March | (libyaherald.com)
Libya considering allowing fish exports to EU | (libyaherald.com)
Libyan dates exported to Morocco through Benghazi port | (libyaherald.com)
Libya takes first steps towards exporting fish to Europe | (libyaherald.com)
Oil and olive oil fair opens in Tripoli | (libyaherald.com)
Never mind the oil, what about the olive oil? | (libyaherald.com)
Eighth Libyan Dates and Associated Industries exhibition opens in Tripoli | (libyaherald.com)
