Wednesday, 6 October 2021

Business Mission in Libya


Business Mission in Libya

Athens, 5 October 2021 | The new prospects for the Greek – Libyan relations in the field of economy and trade, emerged in the first business mission in Libya, which was organized with great success by Enterprise Greece on October 3 and 4.

Head of Mission was the deputy minister for Economic Diplomacy and Οpenness, Mr. Kostas Fragogiannis, accompanied by the Secretary General for International Economic Affairs of the Ministry of Foreign Affairs and Chairman of Enterprise Greece, Mr. Ioannis Smyrlis and a delegation of 14 Greek enterprises.

A total of 58 bilateral business meetings were held between Greek and Libyan enterprises mostly in the sectors of infrastructure, construction, energy and RES, health services, pharmaceuticals, and industrial products.

The lasting dispute in Libya, has created a significant infrastructure backlog. Especially in the construction sector, there is a need for new investment, estimated to $9.2 billion, according to sources in the Libya Build 2021 International Exhibition, out of which, projects worth $8 billion is already under construction, while projects worth $1.2 billion are currently under development.

The prospect of the upcoming elections in late December raises further expectations for new infrastructure investments, especially in the energy sector, as construction of new power plants has already begun. Significant investments are also expected in oil extraction, which will increase the country’s production capacity in its main export product, according to relevant reports.

In the context of the country’s forthcoming growth and development, investments in the field of Telecommunications and Broadband Services, are of great importance, and in a market with 8.7 million active mobile subscribers, the need for upgraded digital and telecommunications is becoming imperative.

There are significant shortages in the field of health services and medicine, as the World Health Organization points out in its recent report on the country, creating thus another sector in which Greek enterprises will have business opportunities, having capitalizing on their vast experience in the organization of health services but also the strong production and export background in pharmaceutical products.

The B2B & B2G meetings took place in the framework of a Business Forum organized by Enterprise Greece and the Libyan Investment Authority, focused on bilateral economic cooperation in investments and exports

The forum showcased the significant opportunities for cooperation in many sectors, while the common finding of all was that Greek enterprises can contribute significantly to the effort for reconstruction of the country.

 Following the completion of the Business Forum, a memorandum of cooperation was signed between the CEO of Enterprise Greece, Mr. George Filiopoulos and the Chairman and CEO of the Libyan Investment Authority, Dr. Ali Mahmoud.