KEY POINTS
- Libya and Malta are co-organizing an economic forum to enhance partnerships in energy, technology, and infrastructure, leveraging Libya’s oil reserves and Malta’s financial expertise.
- The initiative aligns with Libya’s goal to boost oil production to 2 million barrels per day and attract foreign investment amid political stabilisation efforts.
- Challenges such as infrastructure deficits and security risks persist, but the forum signals Libya’s broader strategy to reintegrate into Mediterranean trade networks.
Libya and Malta are advancing plans to organise a bilateral economic forum aimed at strengthening investment partnerships in energy, trade, and technology.
Libya Herald reports that the initiative was discussed during a meeting between Libyan Oil and Gas Minister Khalifa Abdel Sadig and Maltese Ambassador Charles Saliba in Tripoli on Monday.
The forum seeks to bridge private-sector enterprises from both nations, with a focus on Libya’s oil and gas sector, renewable energy projects, and infrastructure development.
Minister Sadig emphasized Libya’s readiness to attract foreign capital, stating, “Libya is open to investments, especially as the National Oil Corporation works to raise production to 2 million barrels per day. This goal presents significant opportunities for international partners.” Malta, a Mediterranean hub for finance and logistics, could leverage its expertise to support Libya’s economic revitalization amid ongoing political stabilization efforts.
Forum aims to revive Libya’s energy ambitions
The proposed Libyan-Maltese Economic Forum aligns with Libya’s broader strategy to modernize its energy infrastructure and diversify its economy beyond hydrocarbons. Despite holding Africa’s largest oil reserves, Libya’s production has fluctuated due to decade-long conflict and governance disputes.
The forum could catalyze partnerships in offshore drilling, solar energy, and gas exploration, sectors where Maltese firms like Medserv and Lombard Bank have regional experience.
Ambassador Saliba noted Malta’s historical ties to Libya, recalling, “Malta has long been a gateway for Mediterranean trade. Collaborating on energy and technology aligns with our mutual interests in stability and growth.” Discussions also touched on streamlining visa processes and maritime security to facilitate cross-border business.
Libya’s push for foreign investment comes as its Government of National Unity (GNU) seeks to unify rival administrations and stabilize the economy. However, challenges persist, including outdated oil infrastructure, currency volatility, and lingering militia influence. The Maltese forum mirrors similar initiatives with Italy and Turkey, reflecting Tripoli’s bid to position itself as a regional energy linchpin.
The forum’s agenda will include sessions on public tenders for exploration licenses, renewable energy grants, and digital transformation in Libya’s banking sector. Private Maltese investors have expressed interest in Libya’s agribusiness and tourism sectors, though security concerns remain a hurdle.
