Libya: attracting financial ventures from Riyadh
The president of the Libyan National Conference, Dr. Muhammad Al-Muqairef, is at the head of a delegation in the Kingdom of Saudi Arabia to widen their global portfolios should consider carrying out projects in conjunction with the Libyan government.
The country is on verge on rebuilding its economy and President Dr. Muhammad Al-Muqairef is trying to attract financial ventures into the country from the kingdom. In Riyadh, the president had the opportunity to hold a meeting with major Saudi Arabian investors and businessmen at the Council of Saudi Chambers.
During his speech, Dr. Muhammad Al-Muqairef assured them that the country has revised its regulations and implemented safeguards designed to protect overseas investment as the country has major public works to be done and investments projects open to venture into. Saudis were also offered with the possibility of going into joint ventures as president Al-Muqairef said he “would like to encourage Saudi investors to carry out joint projects in Libya.”
Saudis welcomed the President’s proposal. They admitted that they are interested in the country and expressed their desire to strengthen business and investment relations between the two countries but added some concerns to their intervention in Libya. Speaking in his capacity as the president of the Council of Saudi Chambers, Abdullah Al-Mubti highlighted difficulties in travel to Libya for their businessmen. Two-way trade in 2011 was estimated at $ 51.2 million. He said that bilateral trade would not meet the expected level unless visas for Saudi businessmen become more accessible.
The meeting ended with both parties agreeing to establish a Saudi-Libyan Business Council. Members of the Libyan delegation include ministers and businessmen, who are looking for Saudi support in order to help rebuild Libya.