The Libyan and Chinese Ministries of Economy agreed to form a working team of departments and affiliated agencies to establish a joint working mechanism to facilitate the return of economic and commercial activity between the two countries.

The Advisor to the Minister of Economy and Trade, Shazar Al-Sayd, discussed with the Director General of the Directorate of West Asian and African Affairs at the Chinese Ministry of Commerce, a joint working mechanism for the return of major Chinese companies to work in Libya.

The Ministry of Economy said that the meeting held in Beijing, in which attendees discussed the mechanism for overcoming all difficulties and obstacles that would complete previous projects, establish new projects, review memoranda of understanding and agreements concluded in the past, and amend them in line with the current stage for the benefit of the two countries.

The Advisor urged the Chinese side to encourage the return of Chinese companies and facilitate all procedures for them in accordance with the law, calling on Beijing to participate in the Tripoli International Fair, which is scheduled to be held in 2024 in its 50th session, in coordination with the General Authority for Libyan Exhibitions.

Al-Sayd also recommended that major Chinese companies take advantage of the benefits of the free zones and special economic zones and the promising opportunities for transit trade and investment, especially with Libya’s geographical location that contributes to increasing the volume of joint cooperation. 

The Chinese side stressed their Ministry’s interest in opening the field of economic and trade cooperation, especially in the areas of investment in fishing, communications and infrastructure with the competent authorities, indicating that China will support and promote Libyan products by allocating spaces for them in international exhibitions.

Libya and China signed a memorandum of understanding in 2018 regarding joint construction of the Silk Road Economic Belt and the 21st Century Maritime Silk Road.