Tripoli seeks to strengthen trade ties with UAE

Dubai: With the aim of promoting of several investment opportunities worth 15 billion Libyan dinars (Dh44 billion), the Libyan government investment authority held its first forum in Dubai yesterday with a loud call for UAE and Gulf investors to invest in the North African country.

"This forum aims to achieve several targets," said Jamal Ellamushe, minister of Investment and the Privatisation and Investment Board (PIB) in Libya.

"First, boosting mutual relations between businessmen from two countries, and secondly show the investment opportunities available in Libya," he added in an interview with Gulf News on the sidelines of the forum. Several Libyan businessmen joined him for the forum.

Several projects

Ellamushe presented a lengthy and detailed presentation on several projects in different fields in his country totalling nearly 15 billion Libyan dinars.

They range from developing health, tourism and education sectors to managing air and seaports.

"The projects are ready in terms of studies, locations, feasibility studies and estimates. All that is needed are investors to come and invest," he said.

"The total amount of these investments that can be implemented at present is 15 billion Libyan [dinars]," Ellamushe added.

Yesterday's forum is scheduled to be the first in a series in the region.

On Sunday Ellamushe will speak at another forum scheduled to be held in Abu Dhabi and he will be joined by more businessmen.

He said there could be as many as 25 members.

The minister said that within the next six months, similar forums will be held in Saudi Arabia, Kuwait and Qatar. Libya achieved 8 per cent nominal GDP growth in 2009, official figures show.

Trade volume between the UAE and Libya has reached about $1 billion in recent years, UAE Minister of Economy Sultan Bin Saeed Al Mansouri was quoted as saying earlier this month.

Strategic partner

"When we speak of trade volume, we are talking about distinguished figures, and the UAE is considered a strategic partner, especially when it comes to the issue of imports to Libya," the minister said.

"However, direct investments from the UAE are still very limited and don't match the economic relations between the two countries," he said.

Both the UAE and Libya are among the main members of Opec.

Atiq Juma Faraj Naseeb, president of the business services sector in the Dubai Chamber of Commerce and Industry, noted in his speech the importance of the African continent and expressed hope that trade relations with Libya and the other African countries would increase.