Suhail Abushiha, Minister of Economy and Trade for Government of National Unity, called on Japanese companies to participate in upcoming public tenders in Libya, particularly in the energy and infrastructure sectors, during a meeting he held with Izuru Shimura, Japan’s Ambassador to Libya, to discuss ways to develop economic and trade relations between the two countries.

The Ministry of Economy and Trade said in a statement that the meeting comes as part of the state’s drive to expand economic cooperation and open up to Pacific markets, and to explore the foundations for establishing a balanced partnership given the limited level of current cooperation between the two sides.

The meeting addressed developments in the oil investment sector, reviewing the results of the public tender launched earlier this year, which resulted in the entry of a number of international partnerships, reflecting the improved investment environment in Libya and the enhanced competitiveness of the national economy and its ability to attract quality investments.

Both sides emphasized the importance of building economic relations based on shared interests, knowledge transfer, and equal opportunities, while taking into account national priorities and development requirements, thereby contributing to creating added value for the local economy.

Preparation of Memoranda of Understanding and Framework Agreements

The meeting also discussed the possibility of preparing memoranda of understanding and framework agreements between Libya and Japan, which would help streamline procedures, regulate economic and trade cooperation, and create a clearer and more stable investment environment.

The ministry added that the meeting is part of the state’s vision to enhance the competitiveness of the national economy, diversify international partners, and open new horizons for cooperation with countries in Asia and the Pacific, thereby supporting economic stability and strengthening Libya’s position on the trade and investment map.