(albawaba) The official United Arab Emirates trade exhibition, entitled 'UAE in Libya' catering only to UAE-based companies, is highly anticipated in Libya.
The event, which will be held Tripoli International Exhibition Centre from October 16 to 19, is being organized by the Dubai Chamber of Commerce and Industry (DCCI), Dubai Ports Authority (DPA) and Jebel Ali Free Zone
Authority (Jafza), Khaleej Times reported.
The exhibition's announcement triggered approximately 300 inquiries from various sectors of the business community. The event will be the first official event of its kind since the removal of sanctions, providing UAE-based companies with the opportunity to meet directly with Libyan authorities. In 1998, trade between Libya and the UAE alone hit $800 million.
The Libyan government is acting on a ten-year government plan to open up its
economy for business, Abdul Rahman Ghanem Al Mutaiwee, Director-General of DCCI conveyed. Oil, gas, air transport, shipping, energy, water, ports, electricity, telecommunications, manufacturing, construction, tourism, banking, railways, agriculture, fishing and food, are among the focal points of the government's plans.
Sultan bin Sulayem, Chairman of JAFZA and Managing Director of DPA relayed that Libya is one of the most promising markets in the region, boasting remarkable geography, neighboring Egypt, Sudan, Algeria, Tunisia, Chad and Nigeria, and offering great potential for developing trade links between Africa and Arab States.
Libya's vast oil industry, which generates 95 percent of its foreign currency earnings, will dominate the national expansion. Although Libya has been starved of vital new machinery since the embargo was imposed in 1992, the influx of new technology and much-needed spare parts under the economic revival, will allow productivity and efficiency in the oil sector to hit record highs, according to experts. They predict that a boost in production from a major oil-producing nation such as Libya could send oil prices tumbling, spelling trouble for the GCC nations, according to Gulf Business.
"This has a negative effect on prices because there is already excess capacity, and most of that excess capacity is in the Gulf. We will have to wait to see how much Libya expands capacity, and how that will affect things," relayed Leo Drollas, Deputy Director of the Centre for Global Energy Studies in London.
Other experts express optimism aboout UAE-Libyan business ties.
"The relationship between the UAE and Libya will be strong after the embargo," predicts Ali El Bani, Libyan Consul General in Dubai.
"The embargo cost Libya $26 billion, so the economy will obviously be stronger. There will be greater demand for building materials. And there are strong contacts between our leader [Colonel Gaddafi] and Sheikh Zayed," he added.
© 2000 Mena Report (www.menareport.com )