Libya keen to welcome foreign investment
28 March 2012
Post civil war Libya is keen to work with the world again
February 2012
Post civil war Libya is keen to work with the world again
Most commercial organisations seeking advice about doing business in Libya in the wake of its recent civil war are re-entering the North African nation and do not represent new foreign investment. That insight was offered last month by an area specialist from the Risk Advisory Group at a London event of trans-Atlantic business organisation British-American Business.As Libya remains relatively unsettled as the interim government — the National Transactional Council (NTC) — attempts to establish its legitimacy, foreign businesses that previously did business in the country are looking for guidance. Among concerns are whether pre-civil war contracts with Libyan interests will be honoured and how the NTC will view past relationships with the regime of the late dictator Col Muammar Gaddafi. Risk’s Martin Stone, head of Middle East & North Africa, told the London audience that “a mixed picture” was emerging of the NTC’s attitudes.
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“The message we’re getting is generally positive; we’re hearing that existing contracts will be honoured,” Stone said. However, he warned the audience that contracts suspected of being corrupt in any way and previous business relationships with members of the Gaddafi regime were undergoing intense scrutiny. He also noted that there was “no sign of change” within Libya’s new government for “being known for its enthusiasm for permits, licences and just about anything of the kind you can imagine”.
Premiums for insurance, a necessity to manage exposure to risk in Libya, are “very costly” and will be for the foreseeable future, Stone said. Also operating costs are more expensive than before the revolution, he added.
Libyan entrepreneur and former exile Mahmood Al-Agori, another speaker, urged the audience to consider doing business in his home country. “We would like to welcome any nation to come and do the work,” he said.
Lord Stanton of Avon, group operations director of telecoms recruiter Tangent International, attended the event. He told Recruiter: “The prospect of supplying manpower to Libya would not daunt us, but naturally, the security of the engineers would be our first priority.”
Post civil war Libya is keen to work with the world again
Most commercial organisations seeking advice about doing business in Libya in the wake of its recent civil war are re-entering the North African nation and do not represent new foreign investment. That insight was offered last month by an area specialist from the Risk Advisory Group at a London event of trans-Atlantic business organisation British-American Business.As Libya remains relatively unsettled as the interim government — the National Transactional Council (NTC) — attempts to establish its legitimacy, foreign businesses that previously did business in the country are looking for guidance. Among concerns are whether pre-civil war contracts with Libyan interests will be honoured and how the NTC will view past relationships with the regime of the late dictator Col Muammar Gaddafi. Risk’s Martin Stone, head of Middle East & North Africa, told the London audience that “a mixed picture” was emerging of the NTC’s attitudes.
click here
“The message we’re getting is generally positive; we’re hearing that existing contracts will be honoured,” Stone said. However, he warned the audience that contracts suspected of being corrupt in any way and previous business relationships with members of the Gaddafi regime were undergoing intense scrutiny. He also noted that there was “no sign of change” within Libya’s new government for “being known for its enthusiasm for permits, licences and just about anything of the kind you can imagine”.
Premiums for insurance, a necessity to manage exposure to risk in Libya, are “very costly” and will be for the foreseeable future, Stone said. Also operating costs are more expensive than before the revolution, he added.
Libyan entrepreneur and former exile Mahmood Al-Agori, another speaker, urged the audience to consider doing business in his home country. “We would like to welcome any nation to come and do the work,” he said.
Lord Stanton of Avon, group operations director of telecoms recruiter Tangent International, attended the event. He told Recruiter: “The prospect of supplying manpower to Libya would not daunt us, but naturally, the security of the engineers would be our first priority.”
