‘’LIBYA’s economy will grow faster than any other in 2012’’ Economist Intelligence Unit (UK)’’
Libya was in the thickest of the Arab Spring which swept the region in 2011. Its revolution was driven mostly by young men and women who all aspired for basic rights of freedom and economic development. Years of mismanagement of the country’s development left the country with dilapidated infrastructure, poor public services and high unemployment rates despite its riches of natural resources which include the highest oil reserves in Africa. This is not mention an unspoilt Mediterranean coastline of about 2,000 km dotted with the most impressive Roman and Greek historical ruins. In recent times the country’s strategic location in North Africa and its proximity to Europe was never exploited to promote trade, especially transit trade, which was the livelihood of many Libyans before the discovery of oil in the late 1950’s.
The 17th February Revolution has now enabled Libyans for the first time in decades to shape their own future with its young population (65% of all Libyans are under the age of 30) at the forefront. The consensus now is to build a civilian country based on the rule of law, democracy and economic freedom. The challenges facing Libya during these testing times are immense but so are the opportunities that come with change. To catch up countries with similar potential like the UAE, Libya would need to invest billions of dollars in infrastructure projects, housing, healthcare and education. To diversify the economy from its heavy dependence on oil and gas exports, the country would also be looking to invest in other sectors like tourism, light industries and trade. The private sector in particular is expected to blossom in the coming years.
With its doors now open for business, Libya is expected to experience exceptional rates of growth each year. There will be opportunities in the fields of healthcare, transport, housing, tourism, general trade, education and training, oil and gas. If you are considering Libya to grow your overseas business please make contact in confidence and without any obligations.
Opportunities in Libya
•Oil & Gas
•Education & Training