Tunis-Libya Agreement to Promote Investment and Trade

Tunisia and Libya agreed on boosting investment, overcoming difficulties and restoring trade during a visit by Prime Minister Hichem Mechichi to Tripoli aimed toward relaunching economic cooperation.

Over thousand Tunisian investors and 150 companies participated within the Libyan-Tunisian Economic Forum and Exhibition that was held during his visit. Investors and corporations from several sectors, including construction, infrastructure, trade, services, and banking, took part within the event.

Former Tunisian Trade Minister Mohsen Hassan indicated that the delegation’s visit to Libya was successful, resulting in the bilateral agreement on restoring trade exchange and investment in both directions.

Hassan also noted that the meeting addressed the proper of movement and ownership, border crossings and regularizing the status of Tunisian workers in Libya, noting that it’ll have an immediate impact on trade and investment operations.

Tunisian economist Ridha Saidi said that the reconstruction of Libya may be a major investment opportunity for several countries, including Tunisia.

Both the Tunisian and Libyan sides indicated that the most goal of the visit was to extend the extent of investment, by organizing a series of meetings, as a part of an ambitious plan that has a program for economic exchange and investment in important sectors like energy, alternative energies and employment.

Trade exchange between Tunisia and Libya witnessed a big decline within the years following 2011. It previously reached about $4 billion annually, which directly contributed to the event of the regions in southeastern Tunisia and western Libya.

Tunisia is seeking to profit from the gradual recovery of the neighboring country’s economy and is functioning on assisting the Libyan government in implementing a replacement economic program supported the event of non-oil revenues.

Libya wants to extend its non-oil revenues as long as 90 percent of the economy depends on oil.