Minister of Economy and Trade, Suhail Abu Shiha, held a meeting yesterday, with the Italian Ambassador to Libya, Gianluca Albrini, in the presence of the heads of the Libyan and Italian Chambers of Commerce, Anwar Abu Sitta (Libya) and Nicola Colicchio (Italy), respectively, along with the Director of the Commercial Office at the Italian Embassy, Fabio Giudici.
The meeting reviewed indicators of trade between the two countries, as well as existing investment partnerships in several sectors. The two sides also discussed mechanisms to enhance cooperation between chambers of commerce and business owners, which would contribute to facilitating the movement of traders, increasing the volume of trade exchange, and strengthening investment partnerships.
The Minister emphasized the depth of Libyan-Italian relations, noting Rome’s role in supporting economic development in Libya, and reiterating the Ministry’s commitment to providing the necessary facilities for Italian companies and investors to enter the Libyan market and participate in implementing targeted projects within the government’s plan.
Boosting transit trade to European and African markets
For his part, the Italian ambassador praised the efforts of the Tripoli based Libyan government in revitalizing trade and investment, emphasizing its remarkable growth. He also noted his country’s aspiration to strengthen cooperation by leveraging the geographical location of both countries to boost transit trade to European and African markets.
The two sides also discussed the workshop organized by the Tripoli Ministry of Foreign Affairs and International Cooperation, scheduled for today in Tripoli, entitled “Libyan-Italian Relations: Towards a Comprehensive and Sustainable Cooperation Model.” The workshop will include specialists from both sides and will address economic and development issues, including oil and renewable energy, agriculture, marine resources, water resources, and investment promotion and export development.
Meanwhile, in a statement to Libya Herald on the meeting, Anwar Abusitta affirmed that the next phase will focus on activating the role of the Joint Chamber of Commerce as a direct link between businesspeople in both countries. He pointed out that “strengthening communication between the Libyan and Italian private sectors is a key to increasing the volume of investments, particularly in the industrial, service, and energy sectors.”
He added that the Chamber is working to overcome obstacles facing companies, particularly those related to banking and logistics procedures, emphasizing that there is growing interest from Italian companies in returning to the Libyan market given the relative improvement in the business environment.
At the conclusion of the meeting, both parties agreed to enhance coordination between the joint Chamber of Commerce and the Ministry’s affiliated bodies to support the business environment, facilitate banking procedures both locally and internationally, and promote participation in economic exhibitions and conferences, thereby fostering networking between companies and investors in both countries.
