As part of its efforts to strengthen economic cooperation between Libya and Italy, the Libyan Business Council, in collaboration with the Italian Confederation of Industry in Africa and the Middle East, is organizing the Libyan-Italian Business Forum on February 20 in the Italian capital, Rome. This forum is a major milestone in efforts to develop trade relations between the two countries, bringing together more than 40 Libyan companies and more than 70 Libyan businessmen in direct meetings with their Italian counterparts to explore new opportunities in the fields of industry, energy, investment, finance, and training.
Italy is a strategic economic partner for Libya
Italy has always been one of Libya’s main trading partners, representing a major outlet for Libyan exports, especially oil and gas, while Libya is a promising market for Italian products and services. Data indicates that the volume of trade between the two countries reached around €10 billion in 2022, reflecting the strength of the economic ties between them. between them. Italian companies have always been major players in the Libyan market in several sectors.
However, in light of economic changes and shifts in global trade policies, there is an urgent need to restructure the economic partnership between the two countries to ensure its transition from a traditional relationship based on the export of raw materials to a more dynamic cooperation that includes joint manufacturing, technology transfer, and the development of Libyan productive sectors to achieve economic sustainability.
Forum themes towards more integrated cooperation
The forum focuses on a number of strategic sectors that form the backbone of cooperation between Libya and Italy, ranging from manufacturing and light industries to the oil, gas, and renewable energy sectors, to investment in infrastructure and real estate development. It will also highlight financing mechanisms that can facilitate the entry of Italian companies into the the Libyan market and support emerging Libyan projects through long-term financing partnerships.
The forum will be attended by a select group of economic figures from the private sector on both sides. The Libyan delegation will be headed by Engineer Rashid Sawan, Chairman of the Libyan Businessmen’s Council, alongside a number of sectoral committee chairmen and prominent businessmen such as Mr. Bashir Al-Tarabulsi, Chairman of the Libyan-Italian Council, and Mohamed Bek, Chairman of the Oil and Gas Committee, in addition to representatives from the technology and construction sectors. the Italian side, the Deputy President of the Italian Confederation of Industry, Mr. Paolo Biglieri, will participate alongside the Italian Ambassador to Libya, Gianluca Albrini, the Director of ABC Bank, and other economic officials.
Expanding the horizons of cooperation – the role of the Libyan Businessmen’s Council
This forum is part of the Libyan Businessmen’s Council’s strategy to strengthen Libya’s economic presence in Europe by organizing regular business forums in major European capitals and opening new channels of communication between the Libyan private sector and international investors. The Rome forum represents a step towards achieving this goal, as the Council seeks to present Libyan companies as reliable partners in the Italian market, whether in production, services, or major investment projects
The Libyan Business Council is also working to develop a digital “business platform” that aims to be a hub for economic and investment information and provide networking services between Libyan businessmen and their counterparts abroad, in addition to providing economic and financial advice to support the private sector. This platform is expected to play a pivotal role in enhancing cooperation between Libyan and Italian companies and attracting more organized and effective foreign investment.
The forum is expected to yield tangible results, ranging from the signing of new cooperation agreements between Libyan and Italian companies to the development of joint investment projects, particularly in the industrial and energy sectors. The signing of a memorandum of understanding between the Libyan Business Council and the Italian Confederation represents a step towards establishing a sustainable cooperation framework that will enable the private sector in both countries to exchange experiences and resources, thereby enhancing economic growth opportunities for both parties.
Furthermore, the existing and ongoing partnership and cooperation between the Libyan Business Council and the Libyan government sector can contribute to providing greater facilities for Italian companies wishing to enter the Libyan market, whether through facilitating administrative procedures, providing investment guarantees, or diversifying trade exchange mechanisms.
The Libyan-Italian Forum -Italian Forum in Rome represents a new milestone in the development of economic relations between the two countries. It is not just a passing encounter, but part of a broader vision that seeks to consolidate Libyan-European economic cooperation on a more balanced and sustainable basis. If the outcomes of this forum are effectively invested, it could be a starting point for a new phase of economic partnership between Libya and Italy based on innovation and manufacturing, as well as traditional trade exchanges.
In light of global economic changes, it is no longer acceptable for Libyan-Italian relations and Italian relations remain captive to traditional patterns. Rather, they must evolve to include real projects that strengthen the private sector in both countries and open up broader prospects for employment and joint economic growth. This is what the Libyan Business Council seeks to achieve, not only through this forum, but also through a series of events that will target other European markets in the coming months.