Libya's re-entry into world economy
For the first time since the internationally imposed economic sanctions against Libya were lifted in 1999, a high-level foreign investor’s seminar is being held in the North-African republic, sponsored by the General People’s Committee for Foreign Liaison and International Co-operation’ the Libyan Foreign Investment Board and the Union of Libyan Chambers of Commerce, Industry and Agriculture. Albawaba is attending and will be reporting on the event.
The official two-day investment and development summit is to be held in Tripoli, Libya, next month, November 14-15. Providing a unique insight into the country's economic agenda, the summit will focus on investment policies and priorities in key business sectors.
An OPEC member since 1962, Libya is Africa’s major oil producer and one of Europe’s biggest North African oil suppliers. Its economy relies on oil exports for 75-90 percent of state revenues. Libya also has an active chemicals industry as well as being one of the larger markets in the African lubricants industry.
As a result of the sanctions imposed upon it, especially between the years of 1992 and 1999, foreign involvement in Libya was severely reduced, and access to oil industry equipment and technology restricted. After almost 10 years, sanctions against Libya were lifted, following the extradition of the two suspects in the bombing of the Pan Am flight over Lockerbie.
With the suspension of sanctions, oil companies are now showing renewed interest in Libya. A recent New Ventures 2000 survey of 76 global oil companies, indicated that Libya is the number one preferred location for oil exploration and production.
The focus of the ‘Development and Investment in the Great Libyan Jamahiriya’ conference will be to examine the latest political, legislative and economic developments in the country, providing a unique opportunity to discuss the realities and future prospects from both industry and government perspectives.
The event will bring together Libyan official representatives, international investors, industry professionals and company executives. Topics to be addressed include ‘The Economics and Politics of Libya’s Investment Potential’, ’Regulatory and Legislative Framework for Doing Business in Libya’, ‘Opportunities for Investment in the Key Sectors’, ‘Joint Venture Policies and Development’.
The event organizer, CWC Group, is an independent information provider and networking company, which provides strategic industry summits, conferences and retreats, predominantly within the energy, utilities and associated industries. CWC collaborators past and present include the World Bank, the Energy Intelligence Group, the Center for Global Energy Studies, OPEC and Government Ministries and regulators. (Albawaba-MEBG)
For more information and updated agenda: www.thecwcgroup.com/libya
© 2000 Mena Report (www.menareport.com)