The head of the Libyan commerce chambers, Idris Omran, invited Egyptian companies to visit Libya and to identify the investment opportunities in the country’s reconstruction plan.
The $65 billion worth plan will be executed within a 10 year time span according to the Libyan official, as reported by Al-Ahram.
Omran, who visited Cairo upon an invitation by the Egyptian Chambers of Commerce Union, stated that despite the economic hurdles faced by the two countries; more than 80% of the products circulating in the markets of Libya’s eastern district are Egyptian, “actually, Egypt has no competitors in the Libyan market” he said.
The Libyan official added that delegations from various countries have been visiting Libya lately; however, these visits were fruitless because the country was not ready to strike deals, so they were keen not to send invitations before getting prepared to receive interested delegations and to commit to whatever is agreed upon.
Omran also confirmed that the Libyan Chambers of Commerce Union accepted the invitation of its Egyptian counterpart to explain the business opportunities and the new investment laws before the Egyptian visit to Libya, to make it as fruitful for the economies as possible.
He spoke of the problems faced by Egyptian labourers in the Libyan market saying that the majority of manpower in his country is Egyptian, and that there are fears that some of them are hired to sabotage Libya. He continued that therefore the visa process must be very meticulous. On the other hand, he said there are no barriers facing businessmen and that the union is committed to eradicate difficulties, if any.
The vice president of the Egyptian Chambers of Commerce Union, Mohamed El-Masry, commented on the visit saying that Egypt has a competitive advantage in the sectors of construction and infrastructure due to the competency, the good prices and the past experience of Egyptians in Africa, the Gulf, and in Libya itself. It may, however face competition from Turkey, which is also present in the region.
El-Masry emphasised the partnership should be win-win for both parties and that “interests talk”, so the focus should be on the Libyan market’s needs in terms of products and investments, and the cooperation should be well founded to guarantee its sustainability.
The Egyptian official stressed the governments in both countries should eliminate any barriers which may prevent exchange between Egypt and Libya.
He also talked about the visit of the Egyptian delegation to Libya scheduled for the beginning of December, he said that the delegation will comprise of businessmen interested in trade or investment in Libya, or the ones who already have business there, namely in the sectors of construction, infrastructure, industrial development, food industries and also agriculture.