Morocco hosts Libya’s first international economic forum

Morocco hosted the first Libyan economic forum where the UN-backed Government of National Accord seeks a bigger role of the private sector and closer cooperation with Moroccan enterprises.

Some 400 participants mostly from Libya gathered in Rabat for the event as Libya struggles to rebuild the country after a devastating civil war.

Organizers from the Libyan private sector and the GNA said that the event is held in Rabat in tribute for Morocco’s support for Skhirate agreement and also to learn from Morocco’s economic development experience.

Speaking at the opening of the forum, planning minister Taher Al-Juhaimi said “Libya is a promising country for investments,” mentioning the country’s comfortable finances with zero debt and comfortable international reserves boosted by a trade and budget surplus.

He invited the Moroccan and Libyan businessmen to grab the investment opportunities offered in Libya, saying that his country looks to build on its potential to develop renewable energies in tandem with $12 billion investment in infrastructure and oil and gas production which currently stands at 1.3 million barrels per day.

Head of Moroccan chambers of commerce Omar Moro, for his part, said that the potential of trade between Morocco and Libya remains unlocked as the two countries traded only $105 million in 2018.

For his part, employment minister Mohamed Amkraz, speaking on behalf of head of the government Saad Eddine El Otmani, said that Morocco will continue to support Libya and contribute to rebuild the country along with the Maghreb union.

Organizers also said that Libyans aim at learning from the experience of Morocco’s private sector as they seek to open up their economy to local and foreign investors.

The event will wrap up with the signing of cooperation agreements to pave the way for Moroccan investments in Libya.