Indian Economic Trade Organization signed a Memorandum of Cooperation with the Libyan African Business Council in Tunisia during the Financial Investment Trade Africa (FITA 2021) held in Tunis on June 25.
The MoU broadly focuses on deepening engagements between business structures of both countries and will work closely especially in the field of IT development, Healthcare, MRO support in the aerospace sector and support the academic institutions by collaborating with the Indian skill sector.
The Libya India Trade Forum was proposed by the Libyan side during November 2021 to be held in Tripoli.
“It’s indeed a matter of pride for us to revive India-Libya relationship that has been very welcoming of the new unified interim executive authority in Libya and we will ensure that we will abide by the security needs and contractual requirements of Indian Businessmen who will want to explore opportunities in Libya,” said Mr. Muhamad Eawn, Vice President of the Libyan African Business Council. The Libyan side expressed an immediate need for health professionals in Libya. They also are very optimistic about the December elections that will see a lot of new development opportunities for the country.
The Indian Economic Trade Organization that is supporting various MSMEs from South India also expressed the desire to open new markets especially in Agriculture machinery from South India and supply of medicines, FMCG products, and food processing technology from India. “The opportunities in Libya are enormous and we will swiftly work with the Indian government to understand necessary regulations required to work with Libya. We will work in improving these people-to-people relations that can enable trade smoothly in the current scenario” said Dr. Asif Iqbal, President of the Indian Economic Trade Organization while signing the MOU.
Union Minister Kiran Rijiju was on an official visit just a few months ago after the civil war to reestablish its diplomatic relations with Libya and he met the top Libyan leadership during that time.
During the summit, the Indian Economic Trade Organization delegation also discussed various opportunities with the Ministry of Foreign Affairs in Tunisia, the Libyan Ministerial delegation and the Indian Ambassador in Tunisia Mr Puneet Roy Kundal IFS who has concurrent accreditation to Libya.
A delegation of Indian Businessmen will visit Libya in November to explore trade opportunities after obtaining necessary approvals and permissions from the Government of India since there are travel restrictions on certain categories considering the safety and security issues in Libya.