Doing Business in Libya: Libya Needs US $400 billion Over the Next 5 Years
Chairman of JOTUN Abdel Menem Abdel Aziz talks about doing business in Libya. He believes that the security worries are largely over-exaggerated and Libya is relatively safe for doing business. Clearly, the benefits outweigh the risks.
"We are dealing with business day-in day-out as usual, life goes on, projects are being performed and local companies are fulfilling their (contractual) obligations related to all projects they are involved in. However, foreign companies still feel that the security level in Libya has not yet reached the point which would allow them to return back to Libya," he says.
When asked about the economy for 2013. Abdel Aziz is very optimistic: "To be more accurate, the growth figure for 2013 is about 19%. Most of the growth is happening outside of the oil and gas sector, which is of course very encouraging. Definitely, I have a very positive view on where Libya is going; the future seems great for Libya."