Egypt's Trade with Libya Declines

Egyptian exporters have expressed fears that the violence in Libya will have negative effects on the export market, according to a report from Daily News Egypt.

Nasser Bayan, the Head of the Libyan-Egyptian Business Council, said that political tensions in Libya have led to a 5 percent decline in trade, which amounted to EGP 8bn last year. He expects a continued decline in economic relations between Egypt and Libya until the situation in Libya stabilises.

Libyan investments in Egypt amount to EGP 3.1bn last year in the fields of industry, agriculture, finance, services, construction, tourism, and telecommunications, according to the Egypt State Information Service (SIS). Meanwhile, Egyptian investments in the Libyan market amounted to EGP 18bn in the oil industry last year.

Before the 25 January Revolution in Egypt, there were nearly 2 million Egyptian workers in Libya, half of whom returned to Egypt after the revolution due to the instability in Libya.

(Source: Daily News Egypt)

(Flag image via Shutterstock)

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