A memorandum of understanding was signed yesterday between the Libyan Export Development Authority (LEDA) and the Libyan Iron and Steel Company (LISCO) to establish a factory for fishing trawlers.
This agreement follows up on a previous meeting between the two parties, during which they discussed prospects for cooperation in the field of marine industries and their localisation within Libya.
The agreement was signed by Mohamed Abdelmalik Al-Fagih, Chairman of LISCO, and by Mohamed Al-Hangari, Chairman of LEDA.
This project aims to enhance national industrial capabilities and leverage available resources to develop local products that contribute to supporting complementary industries and strengthening the national economy.
LEDA said the project aims to establish a factory specializing in the manufacture of fishing dredges and vessels, thereby supporting the marine resources sector, enhancing the utilization of national marine resources, and increasing the efficiency of the local fishing fleet. It will also support industries related to this sector and create new job opportunities.
Furthermore, the project will contribute to developing national capabilities in the field of maritime industries, supporting efforts to invest in marine resources, and producing local products capable of meeting market needs and opening up export opportunities.
Both sides emphasized the importance of the project in supporting economic development goals, strengthening partnerships between national institutions, and expanding the base of local production in a way that contributes to diversifying sources of income and supporting the national economy.
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