The Minister of Economy and Trade, Suhail Abu Shiha, inaugurated the Libya-Korea Economic Forum in Tripoli yesterday.
The event was organized by the General Union of Chambers of Commerce, in cooperation with the Embassy of the Republic of Korea and in coordination with the Ministry of Foreign Affairs and International Cooperation.
The opening ceremony was attended by a high-level delegation from the Republic of Korea led by the Deputy Foreign Minister, comprising representatives from major Korean companies and economic institutions. Also present, were the head and director-general of the General Union of Chambers of Commerce; various heads of chambers of commerce; the Chargé d'affaires of the Libyan Embassy in South Korea; and businesspeople and representatives from Libyan and Korean private sector entities.
Libya seeks to build advanced economic partnership with Republic of Korea
In his opening address, the Minister of Economy and Trade emphasized that Libya seeks to build an advanced economic partnership with the Republic of Korea—one grounded in investment, production, technology transfer, and capacity building. He noted that such a partnership would contribute to diversifying the national economy, enhancing its competitiveness, and generating added value within the Libyan economy.
A partnership beyond sourcing suppliers
He highlighted that Libya is not merely looking for new suppliers, but rather for partners to build a new economy based on investment, production, technology transfer, and the creation of added value within the national economy.
The Minister explained that the global economy is undergoing rapid transformations in trade, investment, supply chains, and technology, making effective economic partnerships vital tools for fostering growth and creating new development opportunities. He noted that Libya is actively working to expand its network of economic relations and strengthen its integration into the global economy.
Libya’s location offers companies European and African links
The Minister noted that Libya—by virtue of its North African location on the southern Mediterranean coast and its links to European and African markets—possesses attributes that offer extensive opportunities for cooperation, investment, and market access, thereby enabling international companies to expand their operations through the Libyan market.
He emphasized that Libya, as an observer state at the World Trade Organization, seeks to enhance its integration into the global economy and develop trade relations with various international partners, while simultaneously working to broaden its base of economic and investment partnerships.
Improving business environment and driving digital transformation
He also outlined the Ministry of Economy and Trade’s efforts to improve the business environment and drive digital transformation through projects involving digital foreign trade systems, economic digitalization, e-commerce, digital payments, and e-invoicing—all of which contribute to enhancing service efficiency and improving the business and investment climate.
Authorized agents and representatives help protect trademarks
The Minister stressed the importance of protecting intellectual property and trademarks, and encouraged Korean companies to strengthen their official presence in the Libyan market through authorized agents and representatives. Such measures help protect trademarks, regulate the market, curb the circulation of counterfeit goods, and elevate the quality of services provided to consumers.
Translating forum’s outcomes into practical, actionable projects and partnerships
Concluding his remarks, the Minister called for building upon the forum's outcomes and translating them into practical, actionable projects and partnerships between private sector entities in both countries.
He underscored that the forum’s significance lies in its ability to open tangible pathways for investment, production, and sustainable economic cooperation between Libya and the Republic of Korea.
The forum also featured bilateral meetings between Korean companies and institutions and their Libyan counterparts, during which opportunities for joint cooperation were discussed and areas for investment and partnership across various sectors of mutual interest were explored, alongside an examination of the Libyan market's potential and the opportunities available to Korean companies.