China has announced the launch of a new maritime shipping route from Qingdao Port, connecting it to Egypt and Libya via Port Said, then Benghazi and Misrata, offering a strategic alternative to the Strait of Hormuz.
New route reduces shipping time by ten days
This new route reducing shipping time by approximately ten days, reflects the importance of trade cooperation between Libya and other countries, Julyana Free Port asserted. The Free Port predicts that by 2030, Libya is expected to become Africa’s gateway to Europe, particularly with the development of the Transit Trade Corridor linking Ajdabiya and Kufra to Sirte and Chad, a strategic axis connecting the two continents.
Enhancing Libya’s global maritime position
Julyana Free Port says Libya has adopted a clear national vision for development across all sectors, especially ports, including Benghazi and Sirte. These projects will enhance Libya’s position as a global maritime and commercial hub soon.
Transactions in Chinese yuan instead of US dollars
Furthermore, the Free Port maintains, the operation of this maritime trade route between China and Libya will generate significant revenue for the Libyan state and provide ample opportunities for startups and young people to conduct transactions in Chinese yuan instead of US dollars, thus easing pressure on exchange rates.
Increased demand for warehousing, logistics creating jobs for youth
Equally, the expansion of trade will create increased demand for warehouses, trucks, and logistics services, which will contribute to providing thousands of job opportunities for Libyan youth in the fields of transportation, maintenance, and spare parts.
