Libya Offers Growing Business Opportunities: MEC 2007 report

Libya has enormous business potential with cash reserves of around $55 billion according to MEC’s latest annual report on business opportunities in Libya, which is sponsored by Shell and HSBC. Although the current pace of business remains slow, Libya is in the market for goods and services of all kinds with a steady stream of announcements about significant contracts.

Key growth sectors are oil and gas, power generation, infrastructure modernisation and consumer goods. The energy services sector is buoyant as international oil companies that entered Libya during the last two years are spending heavily on start-up procurement. 

Oliver Miles, MEC’s chairman and Deputy Chairman of the Libyan British Business Council, said: “Libya continues to be a difficult market but an open market.  Col. Qadhafi has compared it is to a bucket with holes in it; you keep pouring things in but it never seems to be full.  Libya is closing down its procurement companies in Britain and Germany. It will therefore be more than ever necessary for those selling to Libya to operate in-country.  MEC can help. Our report provides up to date information to help people do business."