With Libya’s economy set to grow exponentially and consequently provide significant opportunities for UK businesses, the Middle East Association (MEA) is leading a trade mission to Libya in the spring of 2013, from 3rd to 7th March.
The Libyan economy is expected to recover rapidly from 2010-2011 levels, with annual GDP growth projected to be 13.7% during 2012-2016. GDP contracted by 27.9% in 2011 but there is a growth rebound of 28.8% expected in 2012.
There is strong UK government support for developing long-term relationships with Libya, both at the ministerial level and through an increased range of products from UK Export Finance.
As the Libyans lay out the future plans for their economy and the rebuilding of their country, this is an ideal time for companies to visit the country and start to establish their visibility.The MEA anticipates that there will be opportunities for more immediate business agreements during the visit, and the important commencement of long-term relationships.
The newly-elected General National Congress, GNC, has powers to announce strategic plans for Libya's economic future and to release budgets for public sector spending to modernise the infrastructure sector.
This in turn will stimulate private sector growth on an unprecedented scale. Priorities exist across all sectors including: construction, public work, municipal engineering, transport, communications, power, electricity, water, environment, security and education.
Libya holds the largest proven oil reserves on the African continent, and production has made a substantial recovery since the fall of the Gaddafi regime. By the middle of 2012 production reached 1.4 million bpd. Libya has proven natural gas reserves of 52.8 tcf. The new government will be seeking to increase oil production to pre-revolution levels and to improve the downstream sector.
The MEA invites registration for the trade mission to Libya which is an unparalleled way of assessing the market and gaining direct access to decision makers and commercial leaders as well as meeting potential clients and business partners.
The Mission Managers, CT Group Travel can be contacted on mea@ctgrouptravel.co.uk
