Adel Jumaa, the Minister of State for Cabinet Affairs in Libya’s Tripoli-based government, spoke to Italian media, with his statements shared by several Libyan news sites. He noted that the Italian-Libyan Business Forum, scheduled for Monday and Tuesday, October 28-29 in Tripoli, marks a significant step towards deepening strategic ties with Italy.
Jumaa expressed Libya’s hope that this forum will serve as a foundation to strengthen collaboration, with agreements expected to be signed in four major sectors at both public and private levels: energy, infrastructure, health, and agriculture.
Hosted by the Tripoli International Fair, the forum will focus on energy and mining, development and infrastructure, health and pharmaceuticals, and fisheries and agriculture.
9 Billion Euros in Annual Trade
Jumaa highlighted that trade between Italy and Libya, currently around 9 billion euros annually, provides a robust base for expansion, with further opportunities to increase bilateral trade and balance transactions. He noted that over 25% of Libya’s exports go to Italy, while just 8% of Libya’s imports come from there.
Jumaa confirmed that Italian airline ITA Airways will soon resume flights between Rome and Tripoli, an objective Libya has pursued by upgrading its airport infrastructure to international standards, aiming to increase direct flights and expand to other Libyan airports.
Resolution in Tripoli International Airport Reconstruction
According to Jumaa, delays in the Tripoli International Airport reconstruction project are being addressed, with Italian company participation dependent on adherence to timelines, technical requirements, and contractual obligations.He also noted an increase in visa applications to Italy from Libya, a sign of growing economic ties between the nations.
Stable Sea Lanes
Italian exports to Libya rose from $1 billion in 2020 to $2 billion in 2023, doubling due to the stability of sea routes, which give Italian goods a competitive edge in Libya.
Central Bank Reforms to Support Trade
With a new Central Bank of Libya (CBL) Board, many restrictions on commercial transactions have been lifted, and remaining obstacles are being addressed to facilitate trade.
