A second UK information and communications technology (ICT) trade delegation will be in Tripoli next week, linking up nine UK-based technology companies with Libyan officials and senior business managers.
Organised by UK Trade and Investment (UKTI) and Intellect, an association representing the UK’s technology sector, this second visit is a follow-up to last year’s ICT trade delegation. Technology specialist adviser with UKTI, Nitin Dahad, said that last year’s visit was warmly-received.
The mission will take place over three days in Tripoli and will provide the opportunity to meet with a wide range of Libyan organisations across the public and private sectors. The mission provides an ideal opportunity to develop an understanding of the Libyan business prospects and to start building relationships in the country.
The Libyan economy is expected to grow significantly over the next four years, driven by external support as well revenues from oil and gas, driving significant improvements in GDP and providing much needed funds for the government who have a massive reconstruction goals. The IMF issued a forecast for the GDP to increase by over 120% this year and over 16% in 2013. The development of Libya is high on many agendas resulting in significant activity and interest from many countries.
According to Intellect, European companies, especially those from UK, are well placed; the EU alone contributing 50 million Euro for social and government reform and development, but the overall investment into re-developing the country will run into billions of dollars over the next five years.
Libya does not have an ICT industry, the infrastructure requires significant investment, and many of the developments that will take place will need to be underpinned by computer and communications technology in both the public and private sectors.
The development areas include:
- Border control
- Mobile network development
- Fixed network development
- Business and financial services
A significant area of opportunity is capacity building, helping the Libyans to develop appropriate skills, but in the meantime many of these will need to be managed by outside providers.
(Sources: Libya Herald, Intellect)