Trade between UAE and Libya exceeds US$1 Billion in First Quarter 2005

Commercial exchanges between the UAE and Libya exceeded $1 billion in the first quarter of 2005, according to figures released today by the UAE Embassy based in Tripoli.

The total trade for the period marks a 25% increase compared to last year, a sign that strong relationships are beginning to build between the two countries following the recent visit to Libya by H.H. General Sheikh Mohammed Bin Rashid Al Maktoum, Crown Prince of Dubai and UAE Minister of Defence.

“The significant increase in commercial activity is extremely positive and flights will need to leave daily from the Emirates to Libya in order to satisfy the escalating commercial demands,” said Saeed Khalifa Al Muhari, Diplomatic of the UAE Embassy in Libya.

The final lifting of trade sanctions makes this an exciting time for businesses wanting to break into Libya, especially due to the country’s position as a vital gateway to the East and West African markets and equally its strategic link to the North Mediterranean countries.

“Positive steps are being taken to capitalise on initial success and encourage common investments between the two countries, not least with the staging of an official exhibition in November at which numerous bilateral deals will be struck in the commercial and tourism industries,” said Al Muhari.

The ‘UAE in Libya’ event, jointly organised by Dubai’s Department of Tourism and Commerce Marketing (DTCM), the Dubai Chamber of Commerce & Industry (DCCI) and Jebel Ali Free Zone Authority (JAFZA) and held in Tripoli between 27 – 30 November, will seek to generate mutually beneficial business opportunities across diverse sectors, thus exploiting the unrivalled potential of the Libyan market in its new era of growth.

Project managers, Dubai-based Streamline Marketing, already anticipate more than 100 exhibitors from a wide range of sectors including agriculture, transport, construction, IT and telecommunications, the plastics, metals and aluminium industries, foodstuffs and electronics organisations and enterprises and departments belonging to the training and education sectors.

Solid foundations for all bilateral business activity already exist thanks to geographical proximity, excellent air and sea links and a traditionally close cultural and political relationship.

“Libyan traders already import a great deal from the UAE and enjoy strong relations with the Emirates,” said Al Muhari. “However there is much potential for substantial growth and we encourage UAE businessmen to export their products and expertise to the North Africa region to take advantage of the evolving commerce and tourism policies.”