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)
TT

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.



Euro 2024 Tourism to Bring 1$ Billion to Germany, Study Shows 

The words "Welcome to Berlin" can be read shortly before sunrise on a display in the fan zone (Platz der Republik) against the backdrop of the Reichstag and the TV tower in Berlin on Friday, June 14, 2024. (dpa/AP)
The words "Welcome to Berlin" can be read shortly before sunrise on a display in the fan zone (Platz der Republik) against the backdrop of the Reichstag and the TV tower in Berlin on Friday, June 14, 2024. (dpa/AP)
TT

Euro 2024 Tourism to Bring 1$ Billion to Germany, Study Shows 

The words "Welcome to Berlin" can be read shortly before sunrise on a display in the fan zone (Platz der Republik) against the backdrop of the Reichstag and the TV tower in Berlin on Friday, June 14, 2024. (dpa/AP)
The words "Welcome to Berlin" can be read shortly before sunrise on a display in the fan zone (Platz der Republik) against the backdrop of the Reichstag and the TV tower in Berlin on Friday, June 14, 2024. (dpa/AP)

Germany, the host of Euro 2024, can expect a 1 billion euro ($1.07 billion) boost to its economy thanks to foreign tourists traveling to the country for the soccer games, the ifo institute forecasts.

This corresponds to about 0.1% of economic output in the second quarter of the year, with Germany´s hospitality and food retail sectors set to benefit the most from the games, the country's top economic research institute said.

"However, the effect is only short-lived, so that exports of services due to returning tourists are likely to fall again after the end of the European Championship in the third quarter and remain the same on balance," ifo researcher Gerome Wolf said.

More than an additional 600,000 foreign tourists and 1.5 million additional overnight stays are expected during the Championship, according to the institute's calculations based on the numbers from the FIFA World Cup hosted by Germany in 2006.

The German Economy Ministry also expects a temporary upturn in consumer-facing sectors after very subdued retail sales this year, but not to the same extent as during the 2006 World Cup.

Experts agree that the overall effect of the Euro 2024 on Europe’s largest economy also depends on how the German national team performs in the tournament.

Their match against Scotland will kick off the tournament on Friday evening.