Major Market Opportunities in Libya
Libya is the fourth largest African country, bordered by Tunisia and Algeria to the west and Chad and Niger to the south. The population is expected to grow to 8.2 million by 2016 and the GDP per capita is expected to return to around $12 285 by 2014, making for some very attractive market opportunities in the country.
The obvious opportunities lie within the oil and petroleum sector. To achieve production targets for oil, Libya is investing heavily in new field development, exploration, and state of the art technology. The country further plans to upgrade its natural gas reserves and investments are being made to expand the LNG capacity. Refineries are being upgraded and extended and hefty investment is required in order to produce the likes of benzene, polypropylene and varying densities of polyethylene.
There is a great need for investment in the market for supply maintenance services on the pipelines as well as pigging and instrumentation and corrosion prevention. Engineering, construction and procurement opportunities abound. With all the new development there is also an opening in the market for training services and facilities in order for Libya to be able to develop its own human resources.
Another major market opportunity in Libya is that of dairy. At present there are only a few major commercial players in this field but there has been hint of substantial investment in new factories.
The retail industry is beginning to boom in Libya as locals have become hungry for international brands and high-end stores. There is space for more supermarkets, food chains and clothing brands to come into the country and with the amount of tourists beginning to explore Libya, there is a need for resorts, improved roads and telecommunications services.
There have been several contracts signed in the fields of hospitality, security, shipping and exports. Most importantly, there are great opportunities within the banking and finance sectors all of which are sure to see a growth spurt.