Following the lifting of UN sanctions and restoration of full diplomatic relations with the west, Libya reopened its market to the world and to foreign investments in various sectors, especially the enormous potential of the oil & gas sector, which is still the main driver of the Libyan economy and the big attraction.

Libya is a major producer of high quality oil and has the largest proven reserves in Africa with a small population of only 6 million. It is currently producing 1.7 million p/d and aiming to increase it to 3 million p/d by the end of 2015.

Libya is simply on the verge of oil & gas boom with many foreign oil & gas companies working in various areas. All of this has generated unprecedented interest from international companies who have been lining up for a greater share of the opportunities presented by Libya’s new and more flexible economic trajectory and has made Libya an important market candidat.

However, other sectors of Libya’s economy, such as agriculture, construction, health, industry, telecoms, and tourism are also experiencing growth, with more contracts covering a variety of all sectors. There are plans set by the government to privatise industry, develop defence capabilities, encourage tourism, improve healthcare, expand financial and legal services and present a wide range of businesses and investment opportunities for foreign companies.

After decades of a centralised economy experimen, the top agenda of the Libyan government is to reform its economy and liberalise its markets and privatise state assets,

The country is currently enjoying the benefits of changes of policy which it underwent, with billions of dollars of investment deals signed so far and many more coming since the lifting of sanctions, and the country is well on its way towards achieving its aim of becoming a leading destination for foreign direct investment (FDI).

As part of its reform policy and to attract foreign direct investment, Libya has been enacting various laws . Chief among these has been Foreign Investment (Law No. 5) which encourages foreign investors to enter Libya and creating a one-stop-shop for foreign investors. Libya continues to attract international investment which makesit an attractive market.

Libya is also close to Europe, it is a huge consumer market and at the same time a source of supply. Its location too makes it ideal transit zone for companies seeking to export to Africa.

In simple words, Libya is going through a complete makeover and it’s the right time you go there!