Latest news with #Libya–ItalyEconomicForum
Libya Review
14 hours ago
- Business
- Libya Review
Libya Signs 98 Cooperation Deals with Italian Companies in Benghazi
On Thursday, Belgassem Haftar, Director of Libya's Reconstruction and Development Fund, signed memoranda of understanding (MoUs) with 98 Italian companies as part of the Libya–Italy Economic Forum currently taking place in Benghazi. The agreements mark a significant step forward in fostering international partnerships to support Libya's rebuilding process. Among the companies involved is the renowned Italian manufacturer Iveco, known for its specialization in heavy vehicles and trucks. The signed MoUs cover a wide range of priority sectors critical to Libya's recovery, including infrastructure, energy, engineering consultancy, interior finishing and decoration, maritime and air transport, training, and capacity development. In a statement, the Fund emphasized that these agreements are part of its broader strategic vision to attract international technical expertise and promote high-level cooperation with global firms. The Fund also highlighted its goal of transferring knowledge and best practices to Libyan professionals through specialized training programs, ensuring long-term sustainability and national capacity building. Now in its third and final day, the Libya–Italy Economic Forum has brought together more than 223 Libyan companies for direct business-to-business (B2B) meetings. These sessions aim to establish the logistical, legal, and financial frameworks required to facilitate the entry and operations of Italian companies in the Libyan market. The forum represents a new chapter in Libya's economic diplomacy, demonstrating growing international confidence in Libya's reconstruction trajectory. By opening its doors to experienced foreign companies, Libya seeks not only to accelerate physical rebuilding but also to foster innovation, investment, and the development of a competitive national economy. Tags: Belgassem HaftarbenghaziItalylibyaReconstruction Fund
Libya Review
4 days ago
- Business
- Libya Review
Libya's Benghazi Hosts Major Italy-Libya Business Event
Benghazi is set to host a major milestone in Libya-Italy economic relations as the Libya–Italy Economic Forum opens on Tuesday, June 25. Coinciding with the launch of ITA Airways' first direct commercial flight from Rome to Benghazi, the forum marks the beginning of a new chapter in bilateral cooperation. Described by Italy's Nova News Agency as the most significant partnership initiative between the two countries in recent years, the forum will run through June 26 and includes the participation of around 100 Italian companies. A New Era for Italian Business in Libya According to Nova, the event signifies a turning point for Italian entrepreneurship in Libya, while the ITA Airways flight AZ8035 symbolises a renewed industrial and commercial dialogue across the Mediterranean. Nicola Colicchi, President of the Italian-Libyan Chamber of Commerce, said that Benghazi is now 'Libya's most stable and dynamic area.' He stressed that this was a business-driven forum, unlike the recent government-led summit in Tripoli during Prime Minister Giorgia Meloni's visit. The forum is organised by the Italian-Libyan Chamber of Commerce in cooperation with the Italian Embassy in Tripoli and the Consulate General in Benghazi. More than 450 entrepreneurs, business leaders, and Libyan representatives are expected to attend. Strategic Focus on Reconstruction in Cyrenaica The forum will feature B2B meetings tailored to key sectors such as infrastructure, healthcare, water management, logistics, agriculture, environmental technologies, and sustainable development—all identified by the Libyan Reconstruction Fund as priority sectors. Libyan conglomerates working in construction, food processing, fisheries, and healthcare will be main partners in exploring joint ventures. Dozens of Libyan SMEs are also participating, with organisers noting a high demand for Italian expertise, technology, and business management. Italy's Economic Goals Amid Global Competition Italy hopes to strengthen its economic footprint in Libya amid growing competition from Turkey, China, and Russia. Colicchi pointed out: 'The Turks are everywhere—even if their methods are more aggressive and less refined, they're seen as reliable partners. Our strength is quality.' He added that one of the forum's core messages is to boost structured Italian presence in Libya and overcome fragmented engagement. 'It's time to stop following and start leading,' said Colicchi. Benghazi is now being compared to an 'open construction site,' echoing Shanghai's development boom in the early 2000s, with intense public and private investment. Key Role of Libya's Reconstruction Fund Led by Belgasem Haftar, the Libyan Fund for Development and Reconstruction is the main Libyan partner in the initiative. The fund recently requested 69 billion Libyan dinars (approx. €11 billion) for the next three years from the House of Representatives, following the swift rebuilding of Derna after Storm Daniel. The Italian-Libyan Chamber will also announce the opening of a new permanent office in Benghazi, providing a base for Italian businesses to operate and grow in Libya without needing constant travel between Rome and Benghazi. Italian Firms Target Strategic Sectors in Libya The participating companies cover strategic sectors such as health, energy, logistics, manufacturing, and construction. Key names include: Iveco Group: one of Europe's largest industrial vehicle producers Renco: healthcare and integrated engineering Todini: infrastructure construction, currently working on the long-delayed East–West Coastal Highway Termomeccanica: advanced water management systems Rapanelli: olive oil extraction systems Coelmo: energy and generator solutions Bonifacio Ltd: metal and mechanical construction Indeco: environmental and energy solutions Limonta Sport: sports infrastructure Molmix, MP Foodex, Infinity Innovation: agricultural processing and food technology Dozens of other small and mid-sized Italian companies are also showcasing their offerings at the forum. Tags: benghaziItalylibyaRome
