A remarkable improvement in Libya’s economy and the growing interest of international companies in the country has been cited as the reason behind a French-Libyan Business Forum, held in Paris earlier in July.
The new Libyan Businessmen Council executive director noted that the event comes at a pivotal time for Libya, as its economy undergoes sustained growth.
This continuing improvement is attracting the interest of a number of international companies looking to explore business opportunities in Libya, he continued. This will aid the transfer of knowledge and technology in Libya’s private sector.
The IMF in its Staff Concluding Statement of the 2024 Article IV Mission in May of this year noted that it is expecting Libya’s gross domestic product (GDP) to grow by 8% in 2024.
The concluding statement said that despite several shocks that have hit the country, including tropical storm Daniel in September 2023, which led to devastating floods and damage, as well as a tragic loss of life, this had only had a small impact on Libya’s economic growth.
“We are very encouraged by the growing interest of international companies in Libya, and welcome events such as the French-Libyan forum,” said Tarek Eltumi of Eltumi Partners. “As a firm we have the expertise to provide both commercial and legal advice to companies looking to explore opportunities in energy and infrastructure in Libya and the wider region.”
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