Tripoli hosted the Libya-Korea Economic Cooperation Forum today. The event was attended by the Tripoli based Libyan Minister of Economy and Trade, Suhail Abu Shiha; the Chairman of the General Union of Chambers of Commerce in Libya, Mohamed Raied; the Korean Chargé d'affaires to Libya; and the Chairman of the Libyan-Korean Chamber of Commerce and Industry, Ashraf Al-Thulthi.
Also in attendance were businesspeople, representatives of companies and authorized agents for Korean brands in Libya, and others interested in the Korean market.
The forum aims to strengthen economic and trade cooperation between the two nations, explore investment and partnership opportunities, and facilitate the exchange of expertise as well as commercial and technical information, thereby contributing to the economic growth and development of both countries.
Mohamed Raied, Chairman of the General Union of Chambers of Commerce in Libya, told Libya Herald that the Libyan-Korean partnership opens broad horizons for economic cooperation across various sectors. He highlighted the importance of leveraging the Korean experience to develop productive sectors, localize technologies, and transfer expertise to Libya.
Raied added that cooperation with Korean companies and institutions could extend beyond mere trade to establish genuine partnerships. These partnerships would help bring modern technologies to Libya and localize them, supporting the development of industry, infrastructure, and services, while offering the Libyan private sector an opportunity to benefit from Korean expertise and technology.
For his part, Libyan businessman Husni Bey told Libya Herald that the Korean experience offers a significant model from which Libya could benefit, particularly given the massive transformation Korea has undergone over the past seven decades—transitioning from a nation ravaged by war and poverty into an advanced industrial, technological, and export-oriented economy.
Bey explained that Korea’s industrial resurgence and economic boom were not driven by natural resources but rather by investments in human capital, industry, technology, production, and exports. He noted that Libya possesses economic assets and resources that could form the foundation for a broad partnership with Korea, provided they are channelled toward production, investment, and the transfer of knowledge and technology.
In an exclusive statement to Libya Herald, Ashraf Al-Thulthi, Chairman of the Libyan-Korean Chamber of Commerce and Industry, said that the Korean side intends to propose a cooperation initiative for crude oil refining within Libya, aiming to help supply the local market with fuel products such as gasoline and diesel.
Al-Thulthi explained that this initiative is part of a wider effort to strengthen the Libyan-Korean partnership in the energy sector. He highlighted the involvement of Korean companies—such as Hyundai—in power generation projects in Libya, noting that this creates a solid foundation upon which to expand cooperation in the energy field.
Exporting Libyan crude oil to Korea
He added that the Korean side is also exploring the possibility of securing a share of Libyan crude oil for export to Korea. This would pave the way for a comprehensive partnership encompassing crude oil, refining, energy, and trade, moving beyond a relationship limited merely to the import of goods and products.
The forum showcased the latest industrial and technological developments with the participation of LG and Samsung. Dedicated spaces were allocated to display a range of modern products and technologies, highlighting their specifications and quality standards—factors that have contributed to strengthening the global market presence and reach of both brands.
LG participated through its authorized Libyan agent, Al-Somoud Company, with members of its board of directors and the General Manager of LG’s local branch in attendance. Other participants included Ajwad Motors (the Kia agent in Libya), mobile phone companies Al-Badil and Tawasul, and various other Korean brands present in the Libyan market.
The forum also facilitated meetings among corporate representatives, institutions, and business leaders to discuss cooperation and partnerships, explore new opportunities for expanding the presence of Korean products and technologies in Libya, and deliberate on investment prospects as well as commercial and technical collaboration.
This forum was organized as part of efforts to strengthen economic relations between Libya and South Korea, open new horizons for private sector entities in both countries and align the needs of the Libyan market with Korean industrial and technological capabilities and expertise.