British trade mission in Libya sees the ‘centre of a boom’

LIBYA. Libya is changing at a breathtaking speed. Old buildings are being demolished, rubble cleared away in no time, and construction of new towers, hotels, schools, hospitals are going ahead at full throttle. As a result of carefully-planned economic reform and budget expenditure, legal and administrative changes, and government support of the newly-emerging private sector, the country is booming.

A UK trade mission to Tripoli last month was very successful by all accounts and the participants expressed their gratitude to British Embassy staff and Ambassador HE Sir Vincent Fean, Lady Anne and Commercial Counsellor Gareth O’Brien.

Business confidence is at an all time high, and foreign investors from all parts of the world are competing with each other to do business in Libya. With no foreign debt and a healthy capital surplus, the rate of growth was in excess of 7% in 2006 and you can certainly see it taking place in front of your eyes.

In the tourism sector, the Intercontinental and Sheraton hotels are in construction. The Radisson in Tripoli is being renovated and retail shopping centres and brands such as Carrefour are looking to open up in Libya. Libya plans to invest US$120 billion in housing, infrastructure, electricity, training and human resources in the next five years. A new airport with a capacity to serve 20 million passengers is planned. A new Olympic Village targeting preparation of the future Olympic athletes from Libya is being designed by a UK firm WS Atkins International… read more

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