Foreign Investors Courting Libya

Few months after the collapse of the despotic regime of Muamar Gadhafi and despite the difficult democratic transition the new Libya is experiencing, several foreign businessmen operating in various industrial and services sectors are packing and preparing for their return to this North African country, dubbed “land of opportunities”.
Despite the recent unrest, there is a growing interest in doing business in Libya worldwide, and as the government is forming, there will be certainly major opportunities to grasp and help new Libya through its reconstruction.
It seems that European investors are upbeat over Libya’s economic outlook and its resilient capacities to gain steam rapidly. Thus, the business hunters are lining up and girding themselves for the upcoming “Investment & Infrastructure conference” scheduled in Tripoli by the end of this month.
Sponsored by the EU-Libyan Chamber of Commerce, the conference is an opportunity to assess the new economic opportunities in Libya across a wide spectrum of sectors.
Participants and key-note speakers will focus on the huge infrastructures’ investment opportunities, the re-negotiation & completion of existing projects, clean-up operations and partnership projects in trade & services sectors.
They will also look into the business opportunities offered in the oil industry, transportation (air, roads & ports), telecommunications, housing, healthcare, finance, modern technology….
The conference will enable European businessmen namely those from Italy (Europe major trade partner), Spain, France, UK, Germany, Turkey, and Greece…) to meet with the newly elected public sector decision makers.
It is offers them the opportunity to get an insight into the new administrative and legal/regulatory procedures, and from discussion with key stakeholders learn how to engage in successful business and investment strategies in Libya.
According to some analysts, Libya, an OPEC member, is seeking to boost its oil production by a third to 2Mln barrel per day by year-end. The country is also hoping to attract new investments in oil, tourism, health care and education.