Libya-Malta relations eyeing more than just oil

Libya is eyeing more than just building oil relations with Malta, Finance Minister Tonio Fenech told MaltaToday.

Leading a trade delegation to Libya focusing on maritime affairs, Fenech held talks with Yousef Al Wehishi, Minister of Communications and Transport, Rajab Khalil, the deputy Minister of the Economy and the chairman of the General Board for Investment, and industry minister Mahmoud Al Fteisi.

The talks focused on how the two countries can build and strengthen economic activities. "We have set up a joint committee that, on a technical level, will be responsible of facilitating trade and investment and cooperation in bilateral enterprises," Fenech said.

The minister said Libya was eyeing further than just oil opportunities and is seeking investment within certain sectors.

"Discussions have already started and at this stage we are still exploring the options. Libya wants to build sectors, such as that of textiles, which would create a substantial amount of jobs. They are also aiming to strengthen SMEs and have asked Malta's help based on its successful experience with small and medium businesses," he said.

Fench said that SMEs had suffered greatly during the reign of former dictator Muammar Gaddafi, who had suffocated the local businessmen who tried to expand their businesses.

"The NTC is now seeking technical help from us, such as how to create incentives to boost SMEs, funding and more," he said.

The Maltese trade delegation, made up of 28 companies all specialising in maritime affairs, has visited several ports and was warmly welcomed by the Libyans.

"The feedback was positive and there is definite potential for opportunities to grow. However, it is too early at this point to comment," Fenech said, adding that as politicians one could open the door for the businesses, but then it was up to the businesses to make most of those opportunities.