Libya’s Minister of Economy and Trade, Mohammed Al-Hweij, and Oman’s Minister of Economy, Said Al-Saqri, have agreed to develop a strategy aimed at reactivating and enhancing economic and trade cooperation between the two countries.
The agreement was reached on the sidelines of the Arab Planning Institute’s Board of Trustees meetings, where both sides agreed to immediately activate the economic and trade agreement signed between Libya and Oman in 2009.
The agreement includes provisions to facilitate the exchange of goods, services, and investments, as well as reduce or exempt customs duties on a range of agricultural and industrial products.
The two ministers also decided to revive the Libyan-Omani Joint Investment Company, which will be headquartered in Tripoli and equally co-funded by the public and private sectors in both countries. The move is expected to pave the way for high-value investment projects.
According to a statement by Libya’s Ministry of Economy, the two sides also agreed to activate the Libyan-Omani Joint Committee to oversee the implementation of the agreement and expand cooperation to vital sectors such as oil and gas, transport, health, and tourism. A joint technical committee has been formed to coordinate reciprocal visits in preparation for the meetings of the High Joint Committee.
Both ministries welcomed the organization of a Libyan-Omani Economic Forum before the end of 2025, during which the Libyan-Omani Business Council will be officially launched to strengthen ties between business communities in the two countries.
