Speaking at Wednesday’s Annual Investment Meeting (AIM) at the Dubai International Convention and Exhibition Centre, Libya’s Minister of Economy, Ahmed Salem Al-Koshli, said that Libya was expecting a massive amount of foreign direct investment (FDI) to help with the rebuilding of its post-revolution economy. Al-Koshli expects $1 trillion to be injected into the economy.
Furthermore, he said that Libya wants “long-term investment”, and despite the current situation in the country, many foreign companies had already moved back to Libya.
Pre-war FDI from the UAE alone stood at $13 billion and, according to a report by the Abu Dhabi Chamber of Commerce and Industry (ADCCI), 12 Emirati companies operating in Libya in aviation, energy, financial and banking, oil, natural gas and property.
Meeting with the heads of ADCCI and the Abu Dhabi Department of Economic Development (DED) last month, Al-Khosli said that Libya was interested in drawing upon the UAE’s experience in developing both the country’s economic infrastructure and legislation, and was particularly interested in the UAE’s achievements in creating sustainable economic and social development.
Bilateral cooperation between the two countries is expected to increase in the upcoming months, as several UAE economic bodies have offered technical assistance to Libya. Similarly, many Emirati companies have expressed an interest to work in Libya and take part in the private sector’s development, seen as crucial for Libya’s overall economic growth.