The Head of the Arab Cooperation Committee at the Union of Egyptian Industries, Mohammed Al-Bahi, said a number of Egyptian investors submitted a proposal to the Libyan government a few days ago to establish a mega industrial zone in Benghazi, adding that the proposal was accepted by the Libyan side, while the Union of Egyptian Industries will begin taking a set of measures to transform the proposal into an official request to be submitted to the Libyan government.
Al-Bahi indicated in media statements that the Union of Egyptian Industries would address its affiliated industrial chambers to collect requests from Egyptian investors wishing to establish factories within the anticipated industrial zone, the areas to be allocated, and the size of the allocated investments, in preparation for a complete vision for the industrial zone to be presented to the Libyan side to make a decision.
He expected the implementation steps for the industrial zone to begin in 2025, especially with the interest of the two countries in enhancing joint investments and increasing trade exchange. He added that the upcoming period will witness the participation of a large number of Egyptian companies in reconstruction projects in Libya, in addition to working to achieve a kind of industrial and commercial integration between investors in the two countries.
"Trade relations between Egypt and Libya do not reflect Egypt's export capabilities, and the coming period requires increasing efforts to market and export Egyptian products to Libya, especially in the building materials sector. The Egyptian trade mission met with some Libyan officials and investors during the visit to Tripoli and Benghazi, and held a meeting with the Libya Reconstruction Fund." Al-Bahi said.
He further added that cooperation agreements were initialed among all participants in the mission and their counterparts from the Libyan side, and it was agreed to benefit from Libya as a gateway to increase Egyptian exports to West African countries. He pointed out that Libya requested the Arab Cooperation Committee of the Union of Industries, after the end of the trade mission, to send a list of pharmaceutical companies wishing to export to Libya to register them with the authorities concerned with managing drug affairs in the country, saying that more than 50 Egyptian companies' names were sent.