The Benefits of Doing Business in Libya
The number of foreign businesses operating in Libya has grown considerably in recent times thanks to emerging opportunities in the country. Libya is open to doing business with any interested international partners and there is a great demand for all types of goods and services across the different sectors of the economy, from construction to retail to tourism and more.
For foreign companies wanting to do business within the country, Libya demonstrates a vast degree of commitment through our safe economic climate and semi-flexible legislation. Such partners are sure to benefit from the rebound in Libyan economic activity and will be able to enjoy investment opportunities in building construction, banking, telecommunications, consumer goods, oil and gas and retail too.
When wanting to start a business in Libya, typically your country’s trade commissioner will provide your company with the market intelligence and advice required to ensure you make cost-effective and timely decisions. You will also be advised with regard to how to manage relations with Libyan partners and also what protections you have under Libyan law. Libyan authorities continue to develop the business & investment laws which should make it more inviting for foreign investors.
To successfully manage a business in Libya will require a local partner and product training for the agent’s labour force. Regular visits, especially during the setup of your business, are essential along with regular development updates and competition activity data.
With the rapid growth of our economy and the need for dramatic reconstruction and development, coupled with a hunger for foreign brands and a surge in tourism, investors are sure to benefit from doing business in Libya. We are already enjoying the presence of a couple of international branded stores, eating establishments and hotels and our airports are undergoing redevelopment to make way for new visitors.