The Egyptian Stock Exchange website said that the parallel government in eastern Libya completed the study of allocating an area estimated at one million square meters to establish an Egyptian industrial zone in the city of Benghazi, expecting to notify the Egyptian embassy in Libya with all the details before the end of 2024.
The Head of the Arab Cooperation Committee at the Federation of Egyptian Industries, Mohamed El-Bahi, explained in a statement to the Stock Exchange that the committee was following up with the parallel government on the allocation procedures, and the response came with the completion of the study, with promises to deliver the allocated land to investors at the beginning of 2025.
El-Bahi indicated that the zone would be allocated to energy-intensive factories, especially engineering, metallurgical and chemical industries, with the aim of benefiting from the low prices of electricity and natural gas in Libya to enhance the competitiveness of Egyptian prices in the new export markets in West African countries.
El-Bahi confirmed that about 40 Egyptian investors expressed their willingness to implement new expansions in the industrial zone to be established in Libya, in addition to Libyan companies looking to implement projects in partnership with the Egyptian side.
The volume of trade exchange between Egypt and Libya increased by 42% during the first 11 months of 2023, reaching $1.7 billion compared to $1.2 billion during the same period in 2022.
