"Businesses are looking with great hopes towards the elections," David Bachmann, head of the commercial section at the Austrian embassy in Tripoli, said.
"However, they are aware that probabilities are high that even after the elections it might take some months - hopefully not years - before decisions are taken."
While public sector entities await, the private sector is flourishing, especially trade. Tripoli's port is heaving with activity and foreign produce is stocked on supermarket shelves. A cash crisis has eased and shops and cafes have re-opened.
Monoprix Tunisia, an affiliate of the French supermarket chain, wants to start opening 10 stores in Libya from late 2012, after uprisings in both countries delayed earlier plans.
On the construction side, small-scale private projects have taken off - homes are being built, businesses being refurbished.
HUGE POTENTIAL; SECURITY RISKS
Austria's Asamer, which operates cement factories in Libya through a joint venture, has gradually increased production since January.
"We see a huge potential - there are the needs of young population and a lot of infrastructure to be reconstructed. We expect a boom in construction activity," Fodinger said.
Gaddafi isolated Libya's economy from much foreign competition, reserving licences and contracts for his own circle, so the prospect of a more open market is attractive to new entrants.