On the sidelines of the 5th Arab-Italian Economic Forum—held in Milan, Italy, on 29 October, and attended by a wide range of officials, representatives from chambers of commerce and economic institutions, and business leaders from both the Arab world and Italy—the Tripoli Chamber of Commerce signed an MoU with the Joint Italian-Arab Chamber of Commerce (JIACC).

Tripoli Chamber said the agreement aims to strengthen economic and commercial cooperation and expand partnership opportunities for business owners in both nations.

The MoU was signed by Anwar Abu Sitta, Chairman of the Tripoli Chamber of Commerce, and Pietro Rompino, President of the Joint Italian-Arab Chamber of Commerce. The signing took place in the presence of Khaled Hanafy, Secretary-General of the Union of Arab Chambers, alongside various other dignitaries, officials, and representatives from economic and commercial institutions.

The memorandum seeks to foster economic relations within the private sector, encourage the establishment of joint ventures, facilitate communication between Libyan and Italian companies, and promote investment opportunities and trade exchange. These objectives are to be pursued through the organization of economic forums, business gatherings, and reciprocal trade missions.

The areas of cooperation encompass several vital sectors, including energy and renewable energy; infrastructure and construction; food industries and agriculture; pharmaceuticals and medical industries; mechanics and machinery; transport and logistics; and digital services and telecommunications.

As part of the focus on human capital development and enhancing the role of youth in economic activity, the memorandum centers on supporting and qualifying young entrepreneurs, encouraging entrepreneurial initiatives, organizing training courses and professional development programmes, and facilitating the exchange of expertise and experience. These efforts aim to develop the skills of young people, prepare them to establish and manage projects, and open new horizons for them in the fields of business and investment.

The memorandum also includes provisions for organizing a Libyan-Italian Business Forum—to be held alternately in each country—facilitating business-to-business (B2B) and business-to-government (B2G) meetings, and encouraging the participation of companies in economic and trade exhibitions and events held in both nations.