Tunisia, Libya Agree on Boosting Investment, Trade

The Libyan and Tunisian prime ministers during their press conference in Tripoli. (AFP)
The Libyan and Tunisian prime ministers during their press conference in Tripoli. (AFP)
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Tunisia, Libya Agree on Boosting Investment, Trade

The Libyan and Tunisian prime ministers during their press conference in Tripoli. (AFP)
The Libyan and Tunisian prime ministers during their press conference in Tripoli. (AFP)

Tunisia and Libya agreed on boosting investment, overcoming difficulties and restoring trade during a visit by Prime Minister Hichem Mechichi to Tripoli aimed at relaunching economic cooperation.

Over a thousand Tunisian investors and 150 companies participated in the Libyan-Tunisian Economic Forum and Exhibition that was held during his visit. Investors and companies from several sectors, including construction, infrastructure, trade, services, and banking, took part in the event.

Former Tunisian Trade Minister Mohsen Hassan indicated that the delegation's visit to Libya was successful, leading to the bilateral agreement on restoring trade exchange and investment in both directions.

Hassan also noted that the meeting addressed the right of movement and ownership, border crossings and regularizing the status of Tunisian workers in Libya, noting that it will have a direct impact on trade and investment operations.

Tunisian economist Ridha Saidi said that the reconstruction of Libya is a major investment opportunity for several countries, including Tunisia.

Both the Tunisian and Libyan sides indicated that the main goal of the visit was to increase the level of investment, by organizing a series of meetings, as part of an ambitious plan that includes a program for economic exchange and investment in important sectors such as energy, alternative energies and employment.

Trade exchange between Tunisia and Libya witnessed a significant decline in the years following 2011. It previously reached about $4 billion annually, which directly contributed to the development of the regions in southeastern Tunisia and western Libya.

Tunisia is seeking to benefit from the gradual recovery of the neighboring country’s economy and is working on assisting the Libyan government in implementing a new economic program based on the development of non-oil revenues.

Libya wants to increase its non-oil revenues given that 90 percent of the national economy depends on oil.



AlKhorayef: Saudi Arabia Has Become a Major Global Player in Mining Sector

Saudi Minister of Industry and Mineral Resources Bandar AlKhorayef speaks at the roundtable in Sao Paulo. (Saudi Ministry of Industry and Mineral Resources)
Saudi Minister of Industry and Mineral Resources Bandar AlKhorayef speaks at the roundtable in Sao Paulo. (Saudi Ministry of Industry and Mineral Resources)
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AlKhorayef: Saudi Arabia Has Become a Major Global Player in Mining Sector

Saudi Minister of Industry and Mineral Resources Bandar AlKhorayef speaks at the roundtable in Sao Paulo. (Saudi Ministry of Industry and Mineral Resources)
Saudi Minister of Industry and Mineral Resources Bandar AlKhorayef speaks at the roundtable in Sao Paulo. (Saudi Ministry of Industry and Mineral Resources)

Saudi Minister of Industry and Mineral Resources Bandar AlKhorayef stressed on Tuesday that the Kingdom has proven its strength in the field of mining, becoming a major global player in the field.

It is forging ahead in developing its mining sector as part of the Kingdom’s efforts to diversify its economy, he said during his participation in a roundtable meeting organized by the Federation of Industries of the State of Sao Paulo during his official visit to Brazil.

The roundtable was attended by several leading figures in the mineral wealth sector.

AlKhorayef said mining is a global issue that demands international leadership and cooperation given its importance in pushing forward the energy transition across the world.

“The Kingdom recognizes that global mineral production challenges require collective leadership,” he added.

“Our strategy for real progress is rooted in collaboration, and while we maintain our ambitious goals, we focus on forging strong partnerships worldwide,” he stressed.

“Mineral production transcends economic value; it embodies the potential of our country and people. With our rich resources, skilled workforce, and exceptional investment opportunities, the Kingdom is poised for transformative growth,” he went on to say.

Moreover, AlKhorayef highlighted the fourth edition of the International Mining and Resources Conference, set to take place in Riyadh in January, saying it has become the most important platform for discussing opportunities, issues, and solutions in the global mining sector.

The minister said Saudi Arabia’s national industry strategy aims to diversify 12 main sectors and provide job opportunities at over 800 projects that are worth a trillion riyals.

Furthermore, the minister said Saudi Arabia was seeking to “revolutionize the pharmaceutical sector, with a target to localize 80-90% of insulin production and attract top-tier investments in healthcare.”

He highlighted the Kingdom’s wealth of natural resources and human capital, major investment opportunities and modern infrastructure.

AlKhorayef kicked off his visit to Brazil on July 22. He is later set to visit Chile.