Ahmed El Wakeel, head of the Federation of Egyptian Chambers of Commerce, announced during the Libyan-Egyptian Business Forum that Egyptian investments in Libya have now exceeded $2.5bn. This marks the first time Egyptian investment has surpassed its Libyan counterpart in Egypt, which has seen a 25% decline.
El Wakeel clarified that Libya is currently hosting Egyptian projects in strategic sectors, most notably infrastructure, power stations, and a ring road, with an estimated total value exceeding $5bn.
Conversely, 511 Libyan companies are operating in Egypt, with an issued capital of 4 billion Egyptian pounds and an effective contribution estimated at 2.4 billion Egyptian pounds.
He called for activating the roles of the Libyan Foreign Investment Company and the Libyan Investment Portfolio. He also urged a shift from bilateral cooperation to broader regional partnerships targeting African and Gulf markets. He revealed that feasibility studies have been completed for establishing a global logistics centre in the Al-Hadaba area, near the Salloum border crossing, to support inter-trade and exports to neighbouring countries.
He also emphasised the necessity of implementing the pivotal road linking southern Egypt to southern Libya, extending through Chad to Dakar, to achieve a strategic connection between the Red Sea and the Atlantic Ocean. El Wakeel also called for the return of over two million Egyptian workers to Libya to participate actively in the ongoing reconstruction and development efforts.
