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.