Firms are urged to play role in Libya’s spring

With the country’s first democratic elections due to take place in June – just eight months after the death of the ousted leader – Libya is preparing for an influx of foreign investment set to fuel economic reforms as profound as its ongoing political transformation.

At an interview at the UK Embassy in Tripoli, Kevin Cunningham, head of UKTI in Libya, said that while economic and political development is now “entirely in the hands of the Libyans”, the UK has an important role to play in giving assistance, advice and “helping in any way we can”.

“Before the revolution British companies had around 2.2 per cent of market share in Libya,” he said.

“Clearly there was a reluctance to do business here for a number of reasons – transparency, the regime – but now the new Libya is absolutely open and an ideal environment for British companies to really demonstrate their value.”

The country was rocked in early 2011 when an uprising inspired by similar revolts in Tunisia and Egypt swept east from Benghazi to Tripoli and turned into a bloody conflict between Gaddafi’s henchmen and soldiers of the opposition National Transitional Council.

The conflict, which saw 30,000 Libyans killed, ended in October with the death of the dictator.

Now, as Libya begins to embrace significant foreign investment for the first time opportunities are opening up for UK firms across a range of sectors, particularly the oil and gas industry.

According to a report by BP at the end of 2010 – just weeks before the start of the civil war – Libya’s oil reserves stood at 46.4bn barrels, or 6m tonnes, making it one of the world’s most oil rich countries with a total global share of 3.4 per cent.

Mr Cunningham said a top priority was getting the oil and gas infrastructure operational to enable Libya to sustain itself and afford vital reconstruction work.

But with a post-conflict programme estimated to be worth around $200bn, other major areas of opportunity in the country include IT, communications, civil security, financial services and healthcare which he claimed had been underfunded and is stretched by those injured in the conflict.

“We’ve had three delegations of British companies over here from the healthcare sector working very closely with the minister of health on defining requirements ... placing the Libyans in a better position to be able to make decisions,” he said.

Despite the sense of optimism that pervades Libya, physical signs of conflict are everywhere.

But take a walk around Tripoli and you find for every bomb site there are five new construction projects under development, including hotels, flats and houses.

It is here Mr Cunningham said British companies could play a further role, by partnering construction firms in Tunisia, Egypt and Malta – all of which have a strong presence in Libya – to provide technical skills including design, project management and quality management.

“We are bringing companies here that we believe have the right solutions and (in areas) where our companies are very strong,” he said.

Good Travel Management is a corporate travel company headquartered in Hull which specialises in trade missions across the globe, particular to Libya, and has organised travel to the country for many companies.

Managing director Kevin Harrison said there were some strong indicators post-conflict Libya was now opening up for business.

“The commercial airways are beginning to fly to the country again, which is always a good sign,” he said.

“Visas are available for one month, three months and six months, and although Foreign Office advice on travel is unlikely to change before the election, we would be expecting it to be considered safe shortly after. With that in mind, we are looking to arrange a further trade mission there in September or October this year.”

• The author is a PR adviser to Good Travel Management.