Egypt Telegraph: The Federation of Egyptian Industries mission to Tripoli and Benghazi achieved investments and contracts worth approximately $20 billion, including Egyptian products (metal, wood, chemicals, medical, and building materials), and an agreement to establish an investment zone and joint factories, in addition to reconstruction projects.
The Telegraph Egypt newspaper revealed that the Federation of Egyptian Industries mission to the cities of Tripoli and Benghazi achieved investments and contracts worth approximately $20 billion.
The newspaper said that the Egyptian Union mission continued for 8 days with the participation of 43 Egyptian companies, and achieved contracts to export Egyptian products to the Libyan market, in addition to various investment projects.
The head of the mission, member of the Federation of Industries Bureau, and head of the Federation’s Arab Cooperation Committee, Mohamed Al-Bahi, stated that the mission was able during that period to demonstrate the capabilities of Egyptian companies and factories, especially in the pharmaceutical sector, explaining that there are great opportunities to export Egyptian medical products to Libya, according to what was reported. Telegraph Egypt.
Al-Bahi said that the mission achieved success in encouraging Libyan companies to sign immediate contracts with their Egyptian counterparts, to meet the needs of the Libyan market for various Egyptian products, including the metal, wood, chemical, and building materials sectors.
Industrial projects and expansions:
According to the newspaper, the contracts included the export of wooden products, in addition to an agreement to establish a smoke factory and a long-lasting anti-bacterial ice factory, in addition to reconstruction projects.
Al-Bahi explained that government agencies in Benghazi showed special interest in pharmaceutical products, and they were provided with a list of 50 Egyptian pharmaceutical companies, with the aim of exporting them to West Africa and neighboring countries, such as Niger and Chad.
Cooperation agreements and memorandums of understanding:
During the mission, several joint cooperation agreements and memorandums of understanding were signed in Tripoli and Benghazi, with the aim of pumping Libyan investments into Egypt, in addition to holding two exhibitions entitled “Made in Egypt” in Benghazi and Tripoli, and projects to establish an investment zone and joint factories, train workers and export manufacturing industries. It was agreed to exchange visits and information, and to form an arbitration committee to solve problems that may arise between the partners.
Al-Bahi pointed out that the Egyptian delegation received a warm welcome from the Libyan side, saying that the Minister of Economy, Mohamed Al-Hawaij, was very present in the meetings and meetings that took place during the mission period, in addition to meetings with the Deputy Prime Minister of Benghazi, the head of the Investment Authority, and the Egyptian ambassador in Tripoli.
Al-Bahi stressed that the Libyan state has advantages over European countries in terms of climate and a coastal strip extending 1,850 kilometers long, which makes it an attractive tourist destination and a large consumer market for products.
The mission, which was held under the slogan “Together towards Africa,” came to enhance economic cooperation between Egypt and Libya, as a package of agreements were signed with the Chamber of Commerce, Industry and Agriculture in Benghazi, headed by Moneim Al-Saiti, and the General Federation of Chambers of Commerce, Industry and Agriculture in Tripoli, headed by Muhammad Al-Raid. And Emaar Libya Holding Company, to cover the needs of the Libyan market for Egyptian goods and products, especially related to reconstruction projects.
Source: “Egypt Telegraph” newspaper + Libya Al-Ahrar channel