Chinese Companies Eye Investment Opportunities in Libya

Chinese Companies Eye Investment Opportunities in Libya
Chinese Companies Eye Investment Opportunities in Libya

Chinese firms have expressed keen interest in investing in Libya’s transportation sector. This came during a seminar titled “Investment Opportunities in the Transportation Sector” held in Tripoli on Sunday.

Chinese companies specializing in construction and infrastructure development highlighted their enthusiasm for bolstering relations, and cooperation between China and Libya.

They also expressed their desire to invest in the development of cities, airports, seaports, roads, bridges, railways, and providing engineering designs, feasibility studies, and financial solutions for these projects.

They emphasised the potential of the Libyan transportation sector to fulfil China’s ambitions of expanding its commercial and industrial activities in the country. Thereby becoming a pivotal partner in the nation’s economic growth.

The seminar was inaugurated by Deputy Minister of Maritime Transport Affairs, Wissam Al-Idrissi. It was attended by top officials from Libya’s Ministry of Transportation, including the Deputy Minister of Land Transport.

Heads of various departments, agencies, centers, and directorates under the Ministry were also in attendance, including the Airports Authority, Construction and Facilities Management Department, and the Planning and Regulation Department.

The Chinese companies showcased their impressive track record in executing large-scale projects worldwide, during the seminar. They aimed to introduce their capabilities and expertise in construction, infrastructure development, and building projects to the Libyan audience.

The event aimed to strengthen bilateral relations, and foster cooperation between China and Libya, particularly within the transportation sector.

In May, the former Libyan government, headed by ousted PM, Fathi Bashagha signed an agreement with a consortium of international companies, to complete the implementation of a metro project, with Chinese financing amounting to €30 billion euros.

In an interview with Sputnik, the then-Minister of Investment, Ali Al-Saidi said that they signed with a consortium of foreign companies, including BFI Group Corp, China Railway Group Limited (CREC), the Arup Group Limited, and Siemens AG.

The minister added that China will be the main financier of this project, noting that the agreement for the project “does not impose any funding from the general treasury of the Libyan state.”

He noted that the project will be completed within 7-9 years.