Libya seeks to enhance economic cooperation with Serbia: Minister

Libya aims to revive and update 25 bilateral agreements with Serbia to strengthen economic cooperation, said Libyan Economy Minister Mohamed Al-Hwej.

Speaking at a joint news conference on Monday with Serbian Foreign Ministry State Secretary Nikola Stojanovic following a Libyan-Serbian economic forum in Tripoli, Al-Hwej explained that the agreements, signed over the past decade but largely inactive, needed to be updated to align 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 added, noting that senior officials from both nations would exchange visits to further develop joint ventures.

Since 2011, Libya has been divided by civil conflict but has seen a fragile truce between eastern and western factions over the past year. The government is prioritizing the revival of foreign economic relations to reduce its dependence on oil, which accounts for more than 90 percent of state revenue, according to Xinhua news agency.

Stojanovic praised Libya’s “progress toward stability” and expressed optimism for expanded trade, though he did not specify which sectors might see 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 hindered by political fragmentation, with the World Bank reporting a 10 percent contraction in GDP in 2023.

Meanwhile, the UNHCR has reported a sharp increase in the number of Sudanese refugees arriving in Libya, with daily arrivals reaching 400, and over 210,000 refugees now in the country. The Sudan crisis has caused widespread displacement, straining resources in Libya, especially in remote areas like Alkufra, where refugees face high food prices, fuel shortages, and poor living conditions.

The UNHCR has provided lifesaving assistance, including healthcare, relief supplies, and support for documentation, while also improving access to local services.