Foreign Investment in Libya
A very bright future for foreign investment has been predicted for Libya. Oil is obviously a predominant industry, along with gas, and it is planned that the entire sector will receive an overhaul. Current oil production sits at around 1.6 million barrels per day in a country that boasts the largest proven oil reserves on the continent along with vast gas reserves.
There are numerous other opportunities for foreign investment. Libya sits along an area of 1 700km of Mediterranean coastline and is enjoying a new influx of tourists. Infrastructure needs to be rebuilt and constructed to meet increasing demands and this includes roads, airlines, hotels, resorts, housing, health and education sectors that have room for investment that is sure to see great rewards. Telecommunications is another sector that requires investment. Each sector provides a great deal of projects and the job opportunities are plentiful.
Libya is moving towards an educated and market-based economy governed by a developing legal system. It is hoped that the private sector will generate a mass of employment and development and the door to foreign investment is being flung wide open. The focus now is on improving the lives of Libyans and projects will include improving health standards and providing education.
Foreign investment is beginning to make a presence in the country and projects such as repairing schools and police stations as well as health centers are underway. The production of oil has surpassed expectations. Some airlines such as Turkish Airways and Arab airlines now fly into Libya and Alitalia is a European airline that conducts regular trips to Tripoli.
The prospects for western business are looking very promising and some early birds such as the U.S chain Cinnabon and Britain’s Marks & Spencer have been enjoying great exposure and gain within Tripoli and surrounding areas. Foreign investment in Libya promises abundant opportunities.