Egyptian investments in Libya exceeded US$ 2.5 billion, surpassing for the first time Libyan investments in Egypt, Ahmed Al-Wakeel, President of the General Union of Egyptian Chambers of Commerce said.
Al-Wakeel was quoted by various Egyptian media outlets speaking during the Fourth Edition of the Libyan Egyptian Business Forum held in Alexandria, Egypt last Saturday (19 July) under the slogan: “Egypt and Libya towards sustainable and integrated development”.
511 Libyan companies in Egypt contributing EGP 4 bn
Al-Wakeel revealed that there are currently 511 Libyan companies in Egypt, with an issued capital of EGP 4 billion and an actual contribution of EGP 2.4 billion.
Libyan investments in Egypt down by 25 percent
He lamented the fact that Libyan investments in Egypt had declined by 25%, and proposed that this requires reactivating the role of the Libya Foreign Investment Company and Libya’s investment portfolio.
Al-Wakeel said it is necessary to integrate Egyptian expertise and Libyan investments to launch projects in various fields.
He demanded the return of more than 2 million Egyptian workers to Libya to participate in reconstruction and comprehensive development efforts.
Egyptian companies implementing US$ 5 bn in Libya
On the other hand, he celebrated the fact that Egyptian companies have recently implemented major projects in Libya worth more than US$ 5 billion, including infrastructure projects such as the Third Ring Road, power stations, and housing.
He said bilateral cooperation should go beyond launching regional partnerships in African and Gulf markets.
Al-Wakeel revealed that Egypt has completed studies to establish a global logistics centre in the plateau area near the Salloum port, to support intra-trade and exports to neighbouring countries.
Transit trade: Red Sea to the Atlantic Ocean
He stressed thatit is important to implement what he called ‘‘the pivotal road’’ from southern Egypt through southern Libya to Chad, and from there to Dakar, to connect the Red Sea with the Atlantic Ocean.
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