TRIPOLI, Jan 28 (NNN-XINHUA) — Libya aims to reactivate and update 25 bilateral agreements with Serbia to strengthen economic cooperation, Libyan Economy Minister Mohamed Al-Hwej said.
Speaking at a joint news conference with Serbian Foreign Ministry State Secretary Nikola Stojanovic following a Libyan-Serbian economic forum in Tripoli, Al-Hwej described the agreements-signed over the past decade but largely dormant-as needing alignment with “global political and economic developments.”
“Our cooperation with Serbia spans 70 years. Today, we seek practical steps to diversify Libya’s economy and create true partnerships across all sectors,” Al-Hwej said, adding that senior officials from both nations would exchange visits to advance joint ventures.
Libya, divided by civil conflict since 2011, has seen a fragile truce between eastern and western factions over the past year. The government has prioritized reviving foreign economic ties to offset reliance on oil, which accounts for over 90 percent of state revenue.
Stojanovic praised Libya’s “progress toward stability” and expressed optimism for expanded trade, though he did not specify sectors for collaboration.
The one-day forum brought together businesses from both countries to explore opportunities in agriculture, energy, and infrastructure. No immediate deals were announced.
Libya’s economy remains hobbled by political fragmentation, with GDP contracting by 10 percent in 2023, World Bank data shows. — NNN-XINHUA