File Photo: Construction projects in the Libyan capital Tripoli. AFP
Speaking at the Egypt-Libya Business Forum on Saturday, El-Wakeel noted that Egyptian exports to Libya have surged, surpassing $2 billion.
This places Egypt as Libya’s top African trade partner and the third-largest Arab exporter after Saudi Arabia and the United Arab Emirates.
However, El-Wakeel criticized the decline in Libyan investments in Egypt, which have dropped by 25%, now limited to only 511 companies.
These firms have a registered capital of $4 billion, but actual investments amount to just $2.4 billion.
In contrast, Egyptian investments in Libya have exceeded $2.5 billion, surpassing Libyan investments in Egypt for the first time.
Earlier this month, Libya’s Fund for Development and Reconstruction signed two major contracts with Egyptian companies for critical development projects across several Libyan cities as part of reconstruction efforts in cities like Derna and Al-Bayda, which were devastated by Cyclone Daniel in September 2023.
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