Saudis Propose Saudi-Libyan Business Council

In an addresss to Saudi Arabia's Council of Saudi Chambers (CSC), the president of Libya's General National Congress, Mohamed Magarief, has invited Saudi businessmen to actively contribute to rebuilding his country.

CSC Chairman, Eng. Abdullah Saeed Al Mubti, noted that the Saudi-Libyan two way trade was less than $52 million in 2011, which he describes as "very low".

But he added:

" ... with the new government, Saudi businessmen are having new high spirit on the prospects of investing in Libya and rebuilding this country and opening in the foreseeable future new doors and channels for strengthening economic bilateral relations, increasing the flow of goods and investment between the two countries."

Al Mubti suggested that forming a Saudi-Libyan Business Council to discuss business prospects could be a good initial step.

According to the estimates of the CSC, the value of rebuilding projects in Libya range between $10-30 billion, and include projects in fields like infrastructures, hospital, roads, water, and electricity.

Accompanying Magarief on his visit were the Undersecretary at the Ministry of Foreign Affairs Mohammed Abdulaziz, intelligence chief Salem Hassi and a small group of other officials.

(Sources: Saudi Gazette, Libyan Investment, Al Bawaba, Saudi CSC)

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