Libya Invites Egyptian Investors to Aid Reconstruction

The head of the Libyan Chamber of Commerce, Idris Omran, has invited Egyptian companies to visit Libya and to identify investment opportunities in the country’s reconstruction plan.

According to a report from Al-Ahram, he said the $65-billion plan will be executed within 10 years.

Omran was visiting Cairo at invitation of the Egyptian Chambers of Commerce Union, and said that despite the economic hurdles faced by the two countries, more than 80% of the products circulating in the markets of Libya’s eastern district are Egyptian.

“Actually, Egypt has no competitors in the Libyan market”, he added.

Omran also confirmed that the Libyan Chambers of Commerce Union will provide a pre-briefing to their Egyptian counterparts to explain the business opportunities and the new investment laws before the Egyptian visit to Libya.

He said the visa process must be very meticulous for labourers, but that there are no barriers facing businessmen; the union, he continued, is committed to eradicating any difficulties.

Mohamed El-Masry, the vice president of the Egyptian Chambers of Commerce Union, said Egypt has a competitive advantage in construction and infrastructure due to the competency, the good prices and the past experience of Egyptians, but it may face competition from Turkey, which is also present in the region.

(Source: Daily News Egypt)

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