Libyan/Chinese relations were further strengthened in June with the announcement by the Minister of Economy and Trade that the work of the joint Libyan-Chinese Economic Chamber should proceed.

The Minister stressed the importance of creating real partnership opportunities between the private sectors of both countries, and in particular for Chinese investors to be encouraged to invest in Libya.

This latest announcement comes following a meeting between the Minister and China’s Charge d’Affaires to Libya in April, during which economic and trade relations between the two countries were on the agenda.

The Charge d’Affaires emphasised the eagerness of Chinese companies to recommence activities in Libya during the meeting, demonstrating their commitment to implementing projects with a view to strengthening economic ties between the countries.

Later in the Spring, the Libyan Prime Minister also visited China, with a view to bolstering bilateral relations between the two. His visit is understood to have included discussions on joint investment opportunities during a meeting with Chinese Premier Li Qiang.

The Libyan Prime Minister was there to attend the the 10th ministerial meeting of the China-Arab States Cooperation Forum.

Libya exported US$36 billion of oil in 2023, and China accounted for US$2.2 billion of this total.

There are clear advantages for both countries in rebuilding links, given Libya’s location at the crossroads of Africa, Europe and the Middle East.

“We are very encouraged by the growing interest of China’s private sector in Libya’s economy,” noted Tarek Eltumi, partner at Eltumi Partners. “As a firm, we are well placed to advise on investors looking to explore infrastructure opportunities in the country, specifically in oil and gas as well as in renewables.”

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