Tripoli: An economist has identified Libya’s opportunity to strengthen its position as a global transit hub. Economic expert Helmi Al-Qamati highlighted Libya’s significant potential in the maritime transit sector and the importance of leveraging its strategic geographic location on the longest coastline in North Africa.

According to Libyan News Agency, Al-Qamati emphasized that developing the logistics infrastructure and customs clearance procedures could reduce shipping times by up to 35% and lower logistics costs by approximately 20%, particularly via the Chinese shipping route connecting East Asia and the Mediterranean. He pointed out that capturing just 2% of the average transit trade could generate annual goods flows valued between $25 billion and $35 billion, yielding direct and indirect revenues for the state of around $5 billion. This sum could contribute to strengthening the national economy and diversifying revenue sources away from oil.

Al-Qamati explained that integrating Libya into the Chinese yuan exchange rate system could help reduce reliance on the dollar and mitigate parallel market volatility, thus fostering a more stable and competitive business environment. The economist emphasized that investment in infrastructure and logistics facilities would strengthen Libya’s position in global supply chains and transform it into a vital transit hub on the Mediterranean.