As Libya continues to broaden and alter its economic policies and structures, it is increasingly becoming an excellent investment opportunity. Businessmen in many countries, including European countries, are considering it as an excellent country in which to invest. As more people continue to invest in Libya, Malta could be the ideal partner for the operation-base of those companies setting up business in Libya.

Speaking at a conference entitled “Succeeding in a changing Libya”, Justice Minister Tonio Borg said Malta is an ideal base from where foreign companies can do business with Libya. He said this would benefit these companies as well as Malta and Maltese companies.

Dr Borg said various local economic operators realised that Malta could succeed in a changing Libya by offering the services in which Maltese entrepreneurs have acquired experience during their decades of dealing with Libya and the Libyan business community.

Libya is one of the major players in the oil and gas industry. Malta’s long and positive experience in dealing with Libya, its geographic position, its highly trained English-speaking labour force and its modern communications infrastructure make it ideal to serve as an operations base.

Possibilities for investment in the retail business in Libya have arisen since Libya’s initiatives to change its economic strategies. He considered this as another sign of its determination to change and said Maltese businessmen could contribute to Libya’s changing environment by investing in a sector which the Maltese know well.

Dr Borg said Libya is investing heavily in tourism projects and aims to eventually develop in the same manner as Dubai. He said Libya is constructing top-class hotels – the Maltese are already participating in this promising sector of Libya’s economy by investing in the hotel industry. He mentioned the Corinthia Group of Companies as an example of the manner in which Malta can give a meaningful contribution to development in Libya.

He said the health sector is another area in which Malta can contribute to further development in Libya and succeed.

Dr Borg said Malta supported Libya’s application for membership to the World Trade Organisation and described it as a milestone in Libya’s process of change which would further integrate it internationally.

On his part, in his first speech as Libyan ambassador to Malta, Dr Saad El Shelmani explained that Libya is looking forward to the future with enthusiasm.

He said the various official visits in recent months are a clear indication of the importance being given to Libya by other countries.

He said the new economic trends are encouraging foreign investors to invest in Libya. As Dr Saad El Shelmani pointed out, Libya is in a boom and the country’s officials now have to ensure that the necessary changes are in place in order to sustain such boom.

Dr El Shaelmani expressed his conviction that Libya will succeed in its endeavours to attract foreign investment.