HGK and the Main Libyan Union of Chambers Signed a Memorandum of Understanding for Their Cooperation

At today’s Croatian-Libyan Economic Forum, the President of the Croatian Chamber of Economy (HGK), Luka Burilović, signed a Memorandum of Understanding between the two institutions with Mohamed Raied, the President of the Main Libyan Union of Chambers, and the event was also attended by Rashed S. A. Abughufa, Chargé d’Affaires of the Libyan Embassy in the Republic of Croatia.

Cooperation also in the food sector, IT sector, wood and pharmaceutical industry

Burilović emphasized that Libya and Croatia must encourage joint cooperation and think primarily of the interests of entrepreneurs.

– Croatia and Libya have traditionally good economic relations. Croatian companies from the construction, shipbuilding, oil and gas, and energy sectors are well-known in the Libyan market and have been present in Libya for many years. Due to unfortunate developments in the past few years, Croatian companies had to withdraw. We are extremely pleased that the situation in Libya has stabilized and that the security situation is good. I am glad that our partner, the Main Libyan Union of Chambers, sees the potential for future cooperation. In addition to the aforementioned sectors, it is necessary to highlight the significant Croatian opportunities in several other sectors, in the food sector, IT sector, wood and pharmaceutical industry, said Burilović, adding that there is room for cooperation and that Croatia, as part of the European Union, can offer Libyan entrepreneurs an excellent geostrategic position as a gateway to the European market.

Burilović also stated that everyone is aware that political developments often affect the economy and business, and that their joint task is to create opportunities and open doors for entrepreneurs.

>>>HGK opened an office in Shanghai

Joint Chamber of Croatia and Libya

The Chargé d’Affaires of the Libyan Embassy in the Republic of Croatia, Rashed S. A. Abughuf, said he is pleased that economic relations between Libya and Croatia are developing.

– We invite all Croatian companies that have business contracts in Libya to return to business in Libya and complete their operations. We also propose the formation of a joint chamber for further cooperation between Libya and Croatia.

Mohamed Raied, the President of the Main Libyan Union of Chambers, agreed with the formation of a joint chamber, emphasizing that Croatian companies have done significant work in Libya.

– We count on Croatia as a friendly country for assistance and we count on Croatian companies, and we are here to activate business between us. Economic relations between us have great potential for development, and Libya is a large market for the whole world. Croatian companies will have opportunities to do business in Libya. Libya is safe and stable, many companies operate in Libya. All factories are functioning and operating normally, and many international oil companies are working in Libya. We are ready to issue visas for all Croatian entrepreneurs, said Raied, adding that they signed an agreement with Siemens worth 3 billion dollars and noted that they have very good relations with the EU.

Svetlana Momčilović, Head of the Investment Promotion Department, presented business opportunities in the Croatian market.

– Regarding the legal framework for doing business in Croatia, it is set up so that there is no distinction between domestic and foreign investments. Regarding trade exchange between Croatia and Libya, in 2016 it amounted to 97 million dollars, mostly related to oil imports from Libya, specifically Croatian exports to Libya amounted to 9 million dollars, while imports were significantly higher at 88 million dollars, said Momčilović, emphasizing that the opportunities for cooperation between Libya and Croatia are numerous and that besides the already traditional sectors such as construction, shipbuilding, oil and gas, there is potential for cooperation in the food sector, IT industry, wood and pharmaceutical industry.