The Libyan Presidential Council has signed a memorandum of understanding with the American Chamber of Commerce in Libya (AMCHAM) to strengthen economic cooperation.
The agreement, signed in New York under the supervision of the President of the Presidential Council, Mohamed al-Menfi, marks a significant step in fostering closer ties between Libyan and American businesses.
The signing ceremony was attended by representatives from leading US companies, highlighting the mutual interest in exploring sustainable economic development opportunities in Libya.
The agreement aims to support legal frameworks in both Libya and the United States and encourage greater participation of American companies in the Libyan market to benefit both nations.
Al-Mnefi emphasized the importance of viewing Libya as a promising market, inviting American companies to engage more actively.
He stressed the need to address potential challenges and create mechanisms to facilitate smoother commercial transactions between the two countries.
Al-Mnefi reiterated Libya’s openness to US investments and partnerships, hoping to build a more robust economic relationship.
Libya’s potential for economic growth has drawn the attention of global investors, particularly in sectors like oil, gas, construction, and telecommunications.
However, years of conflict and political instability have slowed the development of key industries. The memorandum with AMCHAM is seen as a way to revive economic ties and create opportunities for US companies to participate in Libya’s reconstruction and modernization efforts.
The American Chamber of Commerce in Libya is pivotal in connecting U.S. businesses with opportunities in Libya, advocating for transparent legal frameworks and business-friendly policies. This agreement follows a series of recent initiatives to stabilize the Libyan economy and attract foreign investment. With Libya’s efforts to rebuild its infrastructure and diversify its economy, this new partnership could be a game-changer for economic growth in the country.
The United States, through this collaboration, aims to promote sustainable development, create jobs, and strengthen bilateral trade ties. American companies are particularly interested in tapping into Libya’s vast natural resources and contributing to its reconstruction, especially as stability gradually returns to the region.
