Posted by: Xinhuanet

Trade between Tunisia and Libya was expected to reach 3 billion U.S. dollars by 2020, said Tunisian Minister of Industry at the opening Tunisian-Libyan economic forum in Tripoli on Sunday.

The Tunisian-Libyan economic forum attracts participation of a number of Libyan businessmen and economic experts and a high-level delegation of Tunisian businessmen in various fields.

The trade between Tunisia and Libya has dropped from two billion dollars to one billion dollars since 2011, said Tunisian Minister of Industry Salim al-Feriani, adding that “we are in the process of encouraging the private sector. ”

Libyan Minister of Economy, Nasser al-Dresi, stressed importance of political, economic and security stability, expressing his country’s confidence in the Tunisian legislation and experience in developing business sector between the two countries.

The two countries share common border, and Libya is one of Tunisia’s most important economic partners.

The oil-rich country has been plagued by insecurity and chaos since the 2011 uprising that toppled former leader Gaddafi’s regime. Oil and gas account for 94 percent of Libya’s foreign exchange reserve.

Libya suffered losses over the past years of more than 140 billion dollars due to repeated closures of oil fields and ports, as well as low prices of oil in global market.