Libyan market opens up to the Middle East
Source: BI-ME , Author: Posted by BI-ME staff
Posted: Wed October 13, 2010 2:56 pm

UAE. Libya's leading government investment body, the Privatization and Investment Board (PIB) has today signalled its commitment to open up business opportunities for companies in the GCC.

It comes as part of PIB’s sponsorship of the Libya Development and Investment Exhibition which takes place in Tripoli from October 18 - 19 this year.

The summit will assist GCC companies that are looking for lucrative new opportunities in an emerging marketplace by facilitating business meetings with Libya’s project holders and revealing the latest information on Libya’s future expansion plans at the conference.

PIB’s sponsorship of the summit, is one of several steps it has taken to promote and encourage opportunities for overseas companies in Libya. The simplification of investment and operational rules and regulations, and increased transparency are just some of the latest enhancements to Libya’s foreign investment laws- making it easier for GCC businesses to expand in the region.

Libya’s marketplace began to open up to international investment following the lifting of UN sanctions in 2003. The North African country has since taken giant steps to rapidly develop its infrastructure network and facilitate business opportunities for non-Libyan companies- including the privatisation of traditionally state-run services.

According to the African Economic Outlook, PIB has announced its objective to attract between LYD 5 billion to LYD 10 billion of foreign investment by 2015- with real estate, trade, transport and construction being singled out as the likely sectors subject to privatisation.

Fabien Faure, Group Managing Director of UAE-based naseba group, who are hosting the summit, said: “It is an honour to welcome participation from the Privatization and Investment Board (PIB) at the Libya Development and Investment Exhibition.

“The summit and PIB are building a bridge between companies in the Gulf attracted to Libya’s marketplace and the nation’s influential public sector. To capitlise on this opportunity, companies in the Middle East just have to walk across. The timing has never been better to expand your business in Libya.”

Libya’s real GDP growth grew from 2.1% in 2009 to 5.2% in 2010. The African Economic Outlook predicts that this will further grow to 6.1% in 2011- indicating a promising outlook for overseas investors.

To maintain its economic growth, Libya’s Housing and Infrastructure Board (HIB) is just one of the several Government entities that has announced major development projects and investment plans that will build and create an infrastructure network that will compete with leading cities in the MENA region.

A report by Steel Guru has confirmed that HIB is spending $50bn on reconstruction in Libya. This includes the creation of 200,000 homes and the development of water and energy projects over the next 20 years- transforming Libya and contributing to the strengthening of the nation’s economic growth.

The Libya Development and Investment Exhibition is being held at the Corinthia Hotel, Tripoli, October 18-19. Featuring an exhibition with commercial presentations the event promotes a better tomorrow for Libya.

For more information on the event, its speakers, sponsors and exclusive partners please visit: www.libyaexpansion.com.

 

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