Osama Saad El-Din, Executive Director of the Real Estate Development Chamber at the Federation of Egyptian Industries (FEI), revealed the Chamber’s participation in a visit conducted by an Egyptian delegation led by the Federation to Libya.
During this visit, two Memorandums of Understanding (MoUs) were signed between the Federation of Egyptian Industries and the Federation of Chambers of Commerce, Industry, and Agriculture in Tripoli and Benghazi, Libya.
The MoUs were signed on the Egyptian side by Mohamed El-Bahi, representing the Egyptian delegation, with the President of the Federation of Chambers of Commerce, Industry, and Agriculture in Tripoli, and another MoU with the President of the Federation of Chambers of Commerce, Industry, and Agriculture in Benghazi.
Saad El-Din explained that the purpose of these agreements is to enhance cooperation and exchange of investment expertise between the Egyptian and Libyan sides while facilitating the participation of Egyptian companies in the reconstruction of Libya.
He highlighted the valuable experience of Egyptian companies in various reconstruction specialities.
He further noted that the Egyptian delegation included businessmen and directors of industrial chambers in the FEI.
He pointed out that Egyptian real estate development companies possess promising expertise in implementing integrated urban communities, which Libya needs in its reconstruction phase. This includes building new cities and executing comprehensive urban projects similar to those successfully implemented by Egyptian companies in Egypt.
He emphasized that the private sector is a key partner in the development that Egypt has witnessed over the past decade, with Egyptian companies succeeding in building new cities in collaboration with the government.
He also affirmed that there will be a strong opportunity to export Egyptian building materials to the Libyan market once reconstruction plans begin, providing a nearby and large market for Egyptian building material exports.
He added that the participation of Egyptian companies in various fields in the reconstruction of Libya is not only an investment role but also a national duty toward a brotherly country with which we share longstanding relations, the same language, and mutual national security interests. Therefore, a request was submitted to the Libyan Minister of Economy to review the investment plans they aim to implement and to determine the mechanisms for Egyptian companies’ participation in carrying them out.
He pointed out that the joint meetings included the participation of the Egyptian Ambassador to Libya, Tamer El-Hefny, and the Egyptian Consul in Libya, representing the Egyptian side, as well as government representation from Libya. During the meeting, several requests were presented by both sides. For the Egyptian side, they requested facilitating the movement of Egyptian labourers by simplifying procedures, which would ease the influx of thousands of Egyptian workers to participate in the reconstruction plan.
He disclosed that there was also a request for the Libyan side to take steps to enable the execution of multiple urban projects for both local and foreign clients. This includes facilitating foreign ownership through usufruct rights or granting citizenship, which would allow for the expansion of diverse projects to meet both local and global demand in Libya.
He mentioned that numerous inquiries were raised regarding participation in Libya’s reconstruction, and the Libyan side promised to respond. Another meeting will be held to discuss and answer these questions, as the Egyptian delegation is eager to partner in the reconstruction process, supporting this brotherly country and offering Egypt’s vast expertise in development and construction.