Despite the challenges faced by Libya, there are positive developments in the country's trade relations. The British Embassy has announced that bilateral trade between Libya and the UK has increased by 10.7% over the past year, reaching 1.7 billion pounds. This announcement was made by the British Ambassador to Libya, Martin Longden, during a conference organized by the Libyan-British Business Council in Tripoli. The conference was attended by a number of businessmen and the Governor of the Central Bank of Libya. The British Embassy stated that the visit of the Libyan-British Business Council delegation to Tripoli has helped open doors for more trade and investment between the two countries [b084778c].
China is also taking steps to reopen economic ties with Libya, 13 years after suspending trade. Before the 2011 revolution, China had vast interests in Libya, with 75 Chinese companies controlling 50 large projects worth over $20 billion. However, the investments came to a halt after the companies were raided and workers were injured. China evacuated 35,860 citizens from Libya during the crisis, the largest overseas evacuation in its history. Currently, Libya is split between two administrations, and signs have emerged that China is ready to return. Libyan Minister of Economy and Trade Mohamed al Hwej issued a directive to activate the Libyan-Chinese Joint Economic Chamber, and negotiations have taken place between Chinese officials and Libya's National Transitional Council. China is willing to work with Libya under the Belt and Road Initiative and hopes for a fair business environment. However, political instability in Libya remains a concern, and the reopening of China's embassy in Tripoli would be necessary for major re-engagement. Chinese state-owned energy giants had projects in Libya before the civil war, and the recent developments may be related to their desire to recover losses and resume work. The reopening of the Chinese embassy could strengthen diplomatic ties and validate the political structure in Tripoli. China's involvement in Libya's reconstruction aligns with its broader interests in the Mediterranean and North Africa, and it positions itself as a key global player committed to international development and stability. Libya's reconstruction is important for the Government of National Unity to strengthen its legitimacy and score credit. It also provides an opportunity for Chinese companies in a post-conflict society. China is willing to assist in Libya's reconstruction in exchange for access to oil, as it aims to achieve energy security and increase its influence in Africa [7ea95413] [b084778c].
Chinese companies have expressed their willingness to contribute to infrastructure and industrial projects in Libya. Minister of Economy and Trade Mohammed Al-Huweij has met with representatives of Chinese companies to discuss cooperation in trade and investments, particularly in the industrial, contracting, and infrastructure sectors. The meetings have resulted in an agreement to coordinate and conclude bilateral cooperation agreements between Libya and China. The goal is to open avenues of cooperation between the private sectors of both countries for mutual economic interests [abe26cef].
This increase in trade between Libya and the UK, as well as China's efforts to reopen economic ties with Libya, are positive signs for Libya's economy. They demonstrate the potential for growth, cooperation, and international engagement in the country. The conferences organized by the Libyan-British Business Council and the negotiations between Chinese officials and Libya's National Transitional Council highlight the efforts being made to foster economic partnerships, attract foreign investment, and promote stability. Trade, investment, and reconstruction are crucial for the development and stability of Libya's economy, and these recent developments are steps in the right direction [7ea95413] [b084778c].