The Telegraph Egypt newspaper revealed that the Federation of Egyptian Industries’ mission to the cities of Tripoli and Benghazi achieved investments and contracts worth nearly $20 billion. It said that the mission spent eight days with the participation of 43 Egyptian companies, and it achieved contracts to export Egyptian products to the Libyan market, in addition to various investment projects.
The head of the mission, member of the Federation of Industries Bureau and head of the Arab Cooperation Committee in the Federation, Mohamed Al-Bahi, said that the mission was able to demonstrate the capabilities of Egyptian companies and factories, especially in the pharmaceutical sector, explaining that there are great opportunities to export Egyptian medical products to Libya.
Al-Bahi said that the mission succeeded in encouraging Libyan companies to sign immediate contracts with their Egyptian counterparts to meet the needs of the Libyan market for various Egyptian products, including the metal, wood, chemical and building materials’ sectors. He explained that the government authorities in Benghazi showed special interest in pharmaceutical products, and they were provided with a list of 50 Egyptian pharmaceutical companies, with the aim of exporting them to West Africa and neighboring countries, such as Niger and Chad.
The mission signed several joint cooperation agreements and memoranda of understanding in Tripoli and Benghazi, with the aim of pumping Libyan investments into Egypt, in addition to holding two exhibitions entitled “Made in Egypt” in Benghazi and Tripoli, as well as projects to establish an investment zone and joint factories, train workers and export manufacturing industries. They also agreed to exchange visits and information, and form an arbitration committee to resolve problems that could arise among partners.
Al-Bahi stressed that the Libyan state “enjoys advantages that surpass European countries in terms of climate and a coastline extending 1,850 kilometers, which makes it an attractive tourist destination and a large consumer market for products.”
