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Libya Observer
3 days ago
- Business
- Libya Observer
Algerian government reviews with local banks challenges of exports to Libya
The Algerian government has discussed with local banks the challenges facing exporters targeting the Libyan market, as part of its desire to strengthen the presence of its products and services in its eastern neighbor. Algerian Minister of Foreign Trade and Export Promotion, Kamel Rezig, chaired a coordination meeting with economic operators exporting to the Libyan market. The meeting was attended by the Governor of the Bank of Algeria, the Commissioner General of the Association of Banks and Financial Institutions, as well as several ministry officials and representatives of economic organizations. According to the Algerian Ministry of Trade, the meeting served as an opportunity to exchange views on the field-level challenges faced by exporters to Libya and to explore ways to facilitate the flow of Algerian goods and services to this 'promising' market. Rezig affirmed his ministry's commitment to supporting economic operators and removing obstacles, particularly in terms of logistical support, improving the regulatory framework, and securing transactions in cooperation with the financial and banking sector. He also stressed the importance of the Libyan market as a natural extension for Algerian exports and called for the establishment of long-term economic partnerships that go beyond simple trade exchanges. Trade volume between Libya and Algeria saw a slight increase, with exchanges rising from about $31 million in 2018 to approximately $59 million in 2020, and around $65 million by 2021, of which $59 million represented Algerian exports to Libya. However, this figure remains low compared to the countries' combined potential. This has prompted both governments to launch an ambitious plan aimed at increasing bilateral trade volume to around $3 billion annually. The plan includes facilitating land transport through the reopening of the Debdeb-Ghadames border crossing, boosting maritime transport, establishing a free trade zone, and enhancing banking cooperation. Customs authorities have also held meetings to activate a customs cooperation agreement and revitalize operations at border crossings, with the goal of combating smuggling and facilitating the movement of goods along the 900-kilometer shared border. Tags: Algeria
Libya Review
3 days ago
- Business
- Libya Review
Algeria Seeks $3B Trade Boost with Libya
In a strategic move to bolster its presence in the Libyan market, the Algerian government has initiated high-level discussions with local banks to address the challenges facing exporters to Libya. The talks reflect Algeria's commitment to expanding its economic influence in neighboring markets. Algerian Minister of Foreign Trade and Export Promotion, Kamel Rezig, chaired a key coordination meeting with economic operators involved in exports to Libya. The meeting included participation from the Governor of the Bank of Algeria, the General Commissioner of the Association of Banks and Financial Institutions, senior ministry officials, and representatives of economic organizations. According to the Ministry of Trade, the session served as a platform for exchanging insights on the ground-level difficulties faced by Algerian exporters. Key issues discussed included enhancing logistical support, improving regulatory frameworks, and securing financial transactions through strengthened cooperation with the banking sector. Minister Rezig emphasized his ministry's dedication to supporting exporters and removing barriers, stressing that Libya represents a 'natural extension' of Algeria's export strategy. He also called for the establishment of long-term economic partnerships that move beyond simple trade exchanges. Trade volume between Algeria and Libya has shown modest growth, rising from approximately $31 million in 2018 to around $65 million in 2021, with Algerian exports accounting for $59 million of that figure. Despite this growth, trade remains limited compared to the potential of both economies. To unlock this potential, both governments have launched an ambitious plan to boost annual trade to $3 billion. Key components of the plan include the opening of the 'Debdeb-Ghadames' border crossing, the enhancement of maritime transport, the creation of a free trade zone, and improved banking collaboration. Additionally, Algerian customs authorities have held meetings to implement a bilateral customs cooperation agreement and stimulate trade activities across the 900-kilometer shared border. These efforts aim to combat smuggling and streamline the flow of goods between the two countries. Tags: algeriaAlgerian GovernmentlibyaTrade
