Trade between Bulgaria and Libya hits USD 337 million in the first eight months of 2024, up from USD 173.9 million year-on-year.
A Bulgarian-Libyan economic forum organized by the Bulgarian Chamber of Commerce and Industry, the Embassy of Libya in Sofia and the Council of Libyan Chambers of Commerce took place in Sofia Bulgaria this month according to the Bulgarian Ministry of Economy and Industry.
Caretaker Minister of Economy and Industry Petko Nikolov, who inaugurated the event, reported that there is a growing interest in mutually beneficial cooperation with trade between the two countries in the first eight months of 2024 amounting to more than USD 337 million, marking a significant increase compared to the same period of 2023.
In 2023, bilateral trade between Bulgaria and Libya reached USD 173.9 million, while Bulgarian exports were worth USD 171.8 million, according to data on the Economy Ministry website.
Among the leading commodities in Bulgaria’s exports to Libya in 2023 were petroleum oils and bituminous mineral oils other than crude, while ammonia was a leading product in imports.
More than 40 Bulgarian and Libyan companies in the field of trade in food industry, pharmaceuticals, medical products and agricultural machinery took part in the forum, which was attended by the Libyan Ambassador to Bulgaria Abu Baker A. Saeed Saleh, Chair of the Tripoli Chamber of Commerce Anwar Abu Sitta, BCCI President Tsvetan Simeonov, among others.
According to Minister Nikolov, key areas for cooperation are plentiful.
“There are bilateral opportunities to develop the existing potential in areas of interest to the Bulgarian economy, such as energy, trade and economic cooperation, the supply of bread wheat, animal feed and other agricultural products, as well as opportunities for Bulgarian companies to participate in the reconstruction of Libya,” says Minister Nikolov.
In September 2023, eastern Libya was hit by catastrophic flooding caused by Storm Daniel. This disaster resulted in extensive damage, including the destruction of over 18,500 houses and significant impacts on infrastructure such as transportation and water systems.
Reconstruction efforts are essential to rebuild infrastructure, restore public services, and support the well-being of the Libyan people. This process will require significant international support and coordination to ensure a sustainable and resilient recovery.
