The Libyan Ministry of Economy and Trade said that 182 foreign companies are operating in the country, in various sectors.
The ministry stated that 44 new companies entered the labor market in 2022, while 58 companies applied to renew work permits and licenses.
The statement added that 35 companies are working in the oil field, 37 companies in contracting, 16 companies in electricity, and 7 in the communications sector.
The ministry explained that “the political stability witnessed by the country in 2022 encouraged the return of foreign companies in investment projects in Libya.”
Notably, the Russian Presidential Envoy for the Middle East and Africa and Deputy Foreign Minister, Mikhail Bogdanov said that Russia is ready to resume halted projects in Libya.
In an interview with TASS, Bogdanov said: “We will also be ready to join the post-conflict restoration and development of Libya’s vital economic infrastructure by means of the implementation of large-scale joint projects, and not only in the energy sector.”
Moreover, the Managing Director of the Italian general contractor Bonatti, Andrew Columbus said that Libya “is an increasingly promising market for Italian companies working in the onshore oil and gas supply chain. Libya is potentially even more promising than Egypt for Italian companies working in onshore oil and gas plants.”
In an interview with the Italian news agency “Agenzia Nova,” Columbus added that Egypt has “good-level state-owned local companies, such as Petrojet, which have a monopoly in onshore construction, while it relies on international companies for offshore construction. The Libyan industrial system, on the other hand, is still in an embryonic phase, that could be more promising.”
Notably, Tripoli is due to host the second Libyan-German Economic Forum on 7 March, with the participation of a large delegation of German businessmen.