The 131st meeting of the Union of Arab Chambers, held in the Emirate of Dubai in the UAE from 7 to 8 June 2021, concluded today. The Libyan General Union of Chambers of Commerce, Industry and Agriculture took part in the meeting and was represented by a delegation that included Mr Mohamed Raeid, Chairman of the Union, as well as Mr Ahmed Saffar, Advisor to the Union, in the presence of about 100 Arab personalities from various unions of chambers of commerce representing 16 Arab countries.
This year’s meeting was entitled “The new rules of the role of Arab chambers to meet the needs of business sectors amidst the urgent and deep transformations affecting global and Arab economies”. The meeting agenda dealt with many important issues related to the Arab private sector with the aim of shaping decisions that would strengthen the role of the Union of Arab Chambers as a true representative of the Arab private sector, as well as defining visions and objectives that would help strengthen relations between Arab countries, through the development of economic and trade cooperation and investments between them; in addition to the need for Arab countries to adopt a new economic approach in line with the requirements of the digital economy, the technological revolution and the fourth industrial revolution, and to achieve the United Nations sustainable development goals.
The Libyan delegation participated in the preparatory meetings of the financial and executive committees and the joint Arab and foreign chambers affairs in preparation for the 1131st meeting of Union of Arab Chambers. The Libyan General Union of Chambers of Commerce, Industry and Agriculture requested to host the 18th Conference of Arab Businessmen & Investors, and had the unanimous support of all delegations, which expressed their wish that Libya would succeed in organizing this important international and regional investment event under the tenure of the National Unity Government, thus consolidating stability, and ensuring the return of Arab and foreign investments in the country soon.
Mr Raeid started his speech before the Arab Council by outlining the most important common challenges facing the Arab economies in the region in the light of the repercussions of the corona virus pandemic on the economies of all Arab countries, as well as the geopolitical conditions that beset the region. He added: “We are hopeful for a better future for Libya under the tenure of the Government of National Unity that was formed following a UN-led political dialogue and led to the beginning of the unification of the country’s economic institutions. We are looking forward to seeing the private sector play a leading role at this stage, especially in terms of promoting local development by enabling Libyan investors, together with their Arab partners, to participate in the implementation of pending, suspended, and new development projects, as well as in the role of economic institutions in the private sector.”
Raeid also commended the economic relations between Libya and the Arab countries, pointing out that the Libyan General Union of Chambers of Commerce, Industry and Agriculture has always played a pioneering role in creating and building bridges of trade relations with Libya’s commercial partners. – whether Arab or foreign countries. Over the past five years, the General Union has organized more than fifty high-level economic forums and meetings attended by officials and business owners from the private sector in Libya and various partner countries. The Union is also engaged in an extended partnership with various regional and international organizations in various aspects related to the capacity building of the private sector and the development of its role in the Libyan economy, such as the European Union program to support the private sector in Libya, the public-private economic dialogue platform with the Organization of Economic Co-operation and Development (OECD), and the EuroMed Trade Helpdesk in cooperation with the World Trade Center in Geneva, and other international programs in which the Union participates through its experts.
During his speech, Raeid announced the ongoing arrangements for the holding of an international-Arab investment conference in the Libyan capital, Tripoli. He said: “On this occasion, I am pleased to announce that we are preparing to hold an international-Arab investment conference in Tripoli on October 24, under the direct auspices of His Excellency the National Unity Government Prime Minister Mr Abdul Hamid Dbeibah, and organized by the Libyan General Union of Chambers of Commerce, Industry and Agriculture with the Secretariat-General of the League of Arab States through the Union of Arab Chambers in partnership with the International Finance Corporation of the World Bank. This conference aims to re-present Libya as a promising investment destination in the middle of the Mediterranean, and to enhance the prospects for partnership and investment in all the fields that the country needs, including reconstruction. This is an invitation to you all; and we look forward to your attendance, and to sharing this message with all parties that might be interested in this event”.
Raeid concluded his speech by commending the good organization, hospitality and efforts to make this 131st meeting, which was held virtually and physically in Dubai, a success.