The Ministry of Economy and Trade reported today that its Minister, Mohamed Al-Hwej, met at the Ministry’s Tripoli headquarters with the UK Ambassador to Libya, Martin Reynolds, to discuss aspects of trade and investment cooperation between the two countries.
Calling on UK to renew and activate signed agreements and MoUs
The Minister affirmed that the United Kingdom is a historical partner of Libya, calling on the British side to renew and activate the agreements and memoranda of understanding signed between the two sides in the economic and investment sectors. He also called for strengthening cooperation with the Tripoli based Libyan government and supporting its efforts to achieve political and security stability, which would contribute to implementing the government’s plan for developing and diversifying the national economy.
Invite and encourage British companies to enter the Libyan market
Furthermore, the Minister urged the British side to invite and encourage British companies to enter the Libyan market in all sectors and to establish partnerships with local investors, as part of the Ministry’s plan to localize industries and increase the volume of trade with its international partners.
UK support for political, security and economic stability
For his part, the Ministry reported, the British Ambassador affirmed the Kingdom’s support for the efforts of the Tripoli government, which contribute to achieving political, security, and economic stability in Libya. He noted the Embassy’s Trade Office’s readiness to enhance cooperation with the Ministry of Economy and Trade to improve the business environment in the Libyan market, thereby encouraging British investors to establish long-term partnerships in areas of mutual interest.
Unified sovereign Libyan institutions needed for economic development
At the conclusion of the meeting, the Minister emphasized that genuine economic reforms require unified sovereign institutions working to develop and implement the state’s three key policies: monetary, fiscal, and trade. This necessitates significant support from Libya’s international partners. He also directed the strengthening of cooperation between the relevant departments and offices within the Ministry and the Trade Office at the UK Embassy on joint economic and investment matters.
