British investors highlight growth potential in key sectors within the North African nation.
Soldecanarias.net / Adeje
British companies are exploring new investment opportunities in Libya, driven by the prospect of contributing to the revival of an economy with substantial growth potential. In a recent meeting between the UK Ambassador to Libya, Martin Longden, and Belgassim Haftar, Director General of Libya’s Development and Reconstruction Fund, significant possibilities in sectors such as infrastructure, energy, construction, and services were discussed.
Longden emphasized Libya’s development plans, describing them as ambitious and inspiring. Despite the challenges, he affirmed that British companies, with their experience and capability in complex projects, could play a fundamental role in modernizing the country. Trade between the United Kingdom and Libya reached £2.2 billion in 2023, and both sides believe there is still substantial room for growth.
After a decade of underinvestment, Libya faces an urgent need for modernization across multiple areas, especially in infrastructure and technology. This represents significant opportunities for foreign companies willing to navigate the local environment’s challenges. According to Longden, Libya stands to benefit from British technology and expertise, especially in sectors that require advanced technical knowledge and large-scale project execution.
While the situation in Libya has improved in some respects, challenges related to stability and security remain. Recent ceasefire agreements and reduced tensions have created a more favorable environment for foreign investment, though long-term stability will depend on a viable political transition and the strengthening of Libyan institutions.
