The Egyptian Union of Industries has announced groundbreaking investments and contracts in Libya, amounting to an impressive $20 billion. The mission, which spanned eight days and included 43 prominent Egyptian companies, has been hailed as a significant stride towards bolstering economic ties between the two North African nations.
Led by Mohamed Al-Bahi, a distinguished member of the Union of Industries Bureau and head of the Arab Cooperation Committee, the mission strategically targeted the vibrant cities of Tripoli and Benghazi. With a clear focus on showcasing the prowess of Egyptian enterprises, particularly in the pharmaceutical sector, the initiative aims to tap into the expansive Libyan market.
One of the key outcomes has been the facilitation of immediate contracts with Libyan firms, eager to fulfill their diverse needs with Egyptian products. From metals and wood to chemicals and building materials, the array of sectors represented underscores the multifaceted nature of Egypt’s industrial capabilities. Notably, there is a burgeoning interest in Egyptian medical products, with Benghazi officials expressing keen interest in leveraging these for further distribution into West Africa, including countries like Niger and Chad.
Beyond trade, the mission has laid down a robust framework for continued collaboration. A series of joint cooperation agreements and memoranda of understanding have been inked, with a vision to channel Libyan investments into Egyptian ventures. Plans are in motion for establishing an investment zone, joint factories, and training programs that promise to enhance the skills of local workers.
A highlight of the mission was the successful organization of two “Made in Egypt” exhibitions in Tripoli and Benghazi, celebrating Egyptian innovation and craftsmanship. Furthermore, agreements were reached to facilitate exchange visits and share critical information, with the establishment of an arbitration committee to proactively address any potential disputes.
As Egypt and Libya continue to deepen their economic ties, this mission stands as a testament to the potential of regional cooperation, promising mutual growth and prosperity for both nations.
