TRIPOLI, Libya — According to Phoenicia Group (www.phoenicia.ly), the leading U.S.-Libyan diversified business and consultancy group, and a strategic partner to several multinational corporations in Libya, business confidence has reached an all time high among the Libyan private sector and foreign companies looking to invest in Libya, a result of astute government policies in streamlining the business and legal regulatory framework and government support of private sector and entrepreneurial growth.
Ryad Sunusi, interim President & CEO of the privately-held Phoenicia Group and founder of the Libyan-American Business Council, expressed confidence in the strength of the Libyan economy and business opportunities available during a conference call from Tripoli with businessmen, investors and analysts, stating:
“Libya has great FDI potential – Libya’s infrastructure is in need of repair, and is a large country with many needs,” he said.
“Outside the Oil and Gas sector, infrastructure is high priority – hospitals, housing, schools, sanitation services, water and power supplies, as well as construction of new ports, airports, rail system, roads, and other essential services.”
U.S. Engineering group AECOM recently nabbed an agreement with the GPC for Housing and Utilities, and Dow Chemical Company inked a JV agreement with Libya’s National Oil Corporation to overhaul and upgrade the Ras Lanuf petrochemical complex, evidence of the increasing openness in reaching deals.
“Outstanding prospects exist for U.S. and international firms in advanced oil field technology and services, medical equipments and hospital supplies, aviation, electric power generations, transmission systems, computers & software services, security and safety equipments, telecommunications, water resource equipments, farm machinery, agricultural commodities such as wheat and corn,” Sunusi noted, a fact echoed by numerous economic reports.
Sunusi, a prominent Libyan consultant and analyst, whose Phoenicia Group has earned a reputation as a conduit for international businesses in accessing the Libyan market, projects sustained growth in nearly all market sectors well into the future.
Sunusi says that Libya welcomes investors to bring capital, technology, and services to Libya, characterizing the business environment as “an environment of increasing private enterprise, and the launch of a new economic, political, and social development phase of the country.”
Libya consistently ranks as North Africa’s top performing economies, with little debt, a healthy capital surplus, a relatively small, adaptable, and highly educated population, and carefully planned budget expenditures.
Libya’s economy grew above 7% in 2006, one of only 8 countries in Africa to buck the trend, meeting the desired aims of the U.N. Millennium Development goals as outlined in Africa Development Report 2007.
“U.S. and international investors and traders eying Libya need to identify a reliable and established partner – who can provide the assistance, contacts, and legal support services and guide them through all aspects of doing business in Libya – doing business in Libya needs vision, patience, and adaptability and our presence and experience in Libya can make sure our clients realize their projects development, planning, and implementation goals on a fast-track basis.’
Libya’s geographical position makes it an ideal transit zone for companies seeking to export to Europe, Africa, and Caspian countries through its Free Trade Zone in Misratah.
Sunusi joked about the weather, saying, “It’s definitely cooler here than out in the Gulf, and geographically, we’re closer to Europe, Africa, and the U.S., why shouldn’t we make use of our resources and location, if we do it right, we’ll see a migration of companies from the Gulf to Libya.”
Key services provided to U.S. and international clients include Risk Management, Commercial Advisory/Business Law, Communication, Government Relations, Trade Advocacy, Concept Development, Contract Negotiations, Distribution, Marketing, Sourcing, Strategy, and Total Project Management.
The Phoenicia Group, a widely touted poster child of Libyan private sector achievement, has, since its inception in 1999, experienced rapid expansion in the oil & gas, construction, tourism, telecommunications, health, services, and agribusiness sectors, making it the leading Libyan private company and consultancy group; and sponsoring the spin-off of the Libyan-American Business Council in 2004 to promote U.S.-Libyan trade and business exchange.
About Phoenicia Group Libya, LLC
Phoenicia Group, a U.S.-Libyan professional business services company, establishes and advises on interoperability issues in the Libyan Market with technology, and devises, researches and implements market entry and risk management strategies for U.S. companies wishing to establish a foothold for commerce in Libya.
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[tags]Libyan American Business Council, Phoenicia Group, Libya professional business services[/tags]