The 6th Annual Tunisia-Libya-Algeria Investment Forum recently wrapped up on the picturesque Tunisian island of Djerba. With the theme focused on "Investment Prospects in Neighbouring Countries," the event brought together business leaders, public administration officials, and political representatives from Tunisia, Libya, and Algeria.
Key Objectives:
- Enhance Trade: The forum aimed to utilize the logistical strengths of all three nations by establishing seamless land, sea, and air connections to boost trade.
- Market Accessibility: Discussions centered around creating effective mechanisms to open each country’s market to one another, focusing on protecting trademarks and ensuring the recognition of regional designations of origin.
The overarching ambition is to fortify their economies and elevate trade figures dramatically in the coming years. The hope is that these forums can help resolve ongoing issues, such as increasing the number of border crossings between Tunisia and Algeria and revitalizing the stalled Tunisia-Libya economic zone project.
Recent Trade Developments:
- Tunisia-Libya Trade: Trade between Tunisia and Libya has seen a notable increase of 10.8% over the past two years, surpassing $1 billion for the first time. Both governments aim to reach $1.7 billion annual trade within the next few years.
- Trade with Algeria: In 2023, trade between Tunisia and Algeria rose to $1.3 billion, marking a significant 24% increase from the previous year.
- Libya-Algeria Trade Scenario: In contrast, trade between Libya and Algeria is much lower, reaching only $65 million per year, a reflection of both countries’ economies revolving heavily around oil and natural gas exports.
Proposed Actions:
- One of the vital topics discussed was the reopening of the Mashhad Saleh border crossing between Tunisia and Libya, which has remained closed due to a previous border crisis. Although the Ras Jdeir crossing was reopened last July, the closure of Mashhad Saleh continues to hinder trade activities.
- Participants also proposed launching a new maritime route linking Zarzis in Tunisia with Tripoli, the Libyan capital, alongside establishing direct flights from Djerba’s airport to various destinations in Libya and Algeria.
Economic Collaboration:
According to Abdul Hafeez Al-Sakroufi, the head of the forum’s organizing committee, fostering collaboration will lead to increased job opportunities and joint projects, enhancing economic benefits for each country. Abdul Muttalib Ali Baqis from Libya emphasized the significance of creating a supportive economic climate by offering incentives and reforming the legislative environment for investors.
Khaled Bulbul, President of the Algerian Confederation of Entrepreneurs, pointed out that the forum provides a platform for exchanging experiences and building partnerships. Meanwhile, Maysar Al-Baroudi from the Tunisian Business Federation highlighted the importance of collaborative efforts in vocational training to bolster human resource development.
Strengthening Regional Ties:
The investment forum is part of a broader strategy to amplify trade relations and establish an economic bloc that could channel foreign investment across the African continent. This ambition was echoed during a recent meeting of the three countries’ leaders, aiming to streamline cooperative efforts for mutual growth and prosperity.
