The Libyan Minister of Economy, Mohammed Al-Huweij, has said the country was working on increasing investments with France as they stand now at 450 million dinars, which he thinks is below expectations.
Al-Huweij told French Radio Monte Carlo that Libya and France signed in the past several agreements that included double taxation, trade exchange, and investment, saying that the most important one was signed on October 12, 2010: a strategic partnership between Libya and France in political consultation, transportation, security, military and nuclear energy cooperation.
Al-Huweij indicated that Libya aims to implement an investment plan to diversify economic growth and break away from utter dependence on oil, saying the plan focuses on renewable energies, services, agriculture, and industries to increase the GDP from 40 billion dollars to 250 billion a year, adding that this needs cooperation with the European Union and other countries.
"Libya is an aspiring country that has a strategic location within the Mediterranean region, which helps attract more investments from France between the two countries' private sectors. This includes opportunities in agriculture in the south. We have agreed with France on implementing mechanism via the reactivation of the High Joint Committee and subcommittees." He further explained.