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Egypt’s exports to Libya have surged past the $2 billion mark, according to Ahmed El-Wakil, Chairman of the Federation of Egyptian Chambers of Commerce.
Speaking at the fourth Egyptian-Libyan Business Forum held on Saturday in Alexandria, El-Wakil hailed the achievement as a testament to the strength of the business community’s efforts, placing Libya as Egypt’s top African export destination and third among Arab markets—behind only Saudi Arabia and the United Arab Emirates.
However, El-Wakil noted that the current figure could rise significantly if key hurdles are addressed. “This figure could rise further if the problems of non-issuance of credits, delayed debt repayments, and obstacles to truck transit are resolved,” he stated.
During the forum, themed “Libya and Egypt Towards Sustainable and Integrated Development,” El-Wakil stressed the importance of collaboration between both nations’ Chambers of Commerce and the private sector to drive mutual growth in trade and investment.
He also raised concerns over a decline in Libyan investment in Egypt.
“It is unacceptable for the number of Libyan investments in Egypt to decrease by 25% to only 511 companies with a paid-up capital of $4 billion and a contribution of only $2.4 billion,” he said. He called for the revival of key Libyan investment institutions such as the Libyan Foreign Investment Company and the Libyan Investment Portfolio.
In contrast, Egyptian investment in Libya has now exceeded $2.5 billion, overtaking Libyan investments in Egypt for the first time. Egyptian firms have also executed over $5 billion worth of projects in Libya, particularly in road building, electricity generation, and housing.
El-Wakil emphasized the need to transition from bilateral trade to joint efforts in accessing foreign markets, especially within the African Continental Free Trade Area (AfCFTA), which represents over $1.4 trillion in purchasing power.
“The private sector, with the support of both governments, must now strive to implement joint projects to rebuild sisterly Libya, both east and west,” he said, pointing to critical sectors like transportation, ports, infrastructure, and electricity—areas where Egypt has demonstrated significant expertise.
He concluded by advocating for the return of over two million Egyptian workers who previously contributed to Libya’s workforce, reinforcing the shared history and economic destiny of the two nations.
