Libya and Italy sign economic cooperation deal
Tripoli Chamber of Commerce and the Joint Italian-Arab Chamber of Commerce agreed to boost trade and investment.
The Tripoli Chamber of Commerce signed a memorandum of understanding with the Joint Italian-Arab Chamber of Commerce on October 29 in Milan, Italy. The agreement aims to strengthen economic and commercial cooperation between Libya and Italy. Anwar Abu Sitta, Chairman of the Tripoli Chamber, and Pietro Rompino, President of the JIACC, signed the deal.
The memorandum seeks to foster private sector economic relations, encourage joint ventures, and facilitate communication between Libyan and Italian companies. Cooperation will cover sectors including energy, infrastructure, agriculture, pharmaceuticals, and digital services. The agreement also focuses on developing young entrepreneurs through training and expertise exchange.
Future cooperation includes organizing a Libyan-Italian Business Forum alternately in each country, facilitating business-to-business and business-to-government meetings, and encouraging participation in trade exhibitions. This initiative was part of the 5th Arab-Italian Economic Forum.
Why it mattersLibyan businesses and entrepreneurs will benefit from expanded partnership opportunities, investment, and trade with Italian companies.