As Libya gradually returns to normality, foreign investors are starting to take note of the country’s massive oil and gas reserves. One company that is particularly bullish on Libya’s potential is Petrojet, which has announced a return to the Libyan oil sector after years of absence. This move could provide a much-needed boost to the Libyan economy and help rebuild the country’s infrastructure. Petrojet has a long history in Libya and is well-positioned to capitalize on the resurgence in activity there.
Getting Libyan Oil Production back on track
The announcement was made earlier this week after a virtual meeting between NOC chairman Mustafa Sanalla and President of PetroJet Walid Lutfi, as well his assistant Hossam Kamal. The parties involved in this agreement are eager to resume their work at Libya’s oil sector, following recent developments which have been affecting it greatly these past few months.
The two sides discussed how the Petrojet can provide assistance to improve oil production in Libya by maintaining gas lines and port infrastructure. They also talked about rehabilitating closed fields, refineries, or any other operations that are currently not operating at full capacity due which would increase rates of output for this country’s reserves.
Petrojet assured its readiness to implement these projects, confirming that they are ready for the reopening of their headquarters in Libya and following developments within this country’s oil sector. Most notably among them being an upcoming project at South Refinery which will hopefully allow Petrojet’s participation as well-equipped contractors with capabilities beyond just engineering services.
The company expressed desire by harnessing expertise from all walks – even those not related directly towards fossil fuels. Furthermore, Sanalla expressed his happiness with the return of Petrojet to work in Libya, stressing that Petrojets is determined for them both – the company and its employees to contribute as much they can towards completing projects.
PetroJet’s Headquarters
The Stability of Libya: Crucial for the EU
The European Union is one of the world’s largest consumers of oil, and Libya is a major supplier of crude oil to the EU. In 2010, Libya supplied the EU with 11% of its imported oil.
The continued stability and prosperity of Libya is therefore important for the EU, both in terms of energy security and as a key partner in addressing the many challenges faced by the region.
The EU is working with the Libyan authorities to support their efforts to build a peaceful, prosperous and democratic society. We are also providing assistance to help Libya meet its energy needs and ensure a reliable supply of oil to the EU.
The EU is committed to supporting Libya as it embarks on its transition to democracy.
The European Union is devoted to supporting Libya in its transition to democracy. Furthermore, the EU is working closely with the Libyan authorities to help them build the institutions and infrastructure necessary for a functional democracy. This includes providing training and capacity-building support for Libyan civil servants, as well as helping to establish an independent judiciary and media. We will continue to work with the Libyan authorities to help them meet the challenges they face.
Get your foot into the Libyan oil production
Libya is a crucial piece of the European energy puzzle, and as its oil production ramps up it will become even more important. Petrojet can provide the necessary assistance to improve production and get things back on track. The Euro-Libyan Trade Center offers a gateway to doing business in Libya and access to their vast market potential. If you are interested in exploring opportunities in this region, please contact us for more information.
As the largest seaport in Libya, the Misrata Free Zone is a nerve centre of activity for businesses worldwide. The zone offers a variety of benefits for businesses, including tax-free status, full custom duties exemption, and full governmental fundraising immunity. As a result, the Misrata Free-Trade Zone has already attracted dozens of organisations, including Toyota, Nissan and Al Naseem. GNU’s Prime Minister Abdel Hamid Dbeibah visit to the Free-Trade Zone last week is a testament to the importance of the zone for businesses in Libya.
The Free Zone: A Prime Investment Destination
Prime Minister Dbeibah’s recent visit to the Misrata Free Zone was well-timed, coming as it did on the heels of the zone’s expanded benefits and growing reputation as a business-friendly environment. Dbeibah met with representatives from various businesses to discuss ways to further encourage investment in the Free Zone, and his speech pointed to the positive effect that the zone has had on the economy.
He cited examples of successful private sector businesses in the free zone, and concluded by saying that the government’s role was to create an environment conducive to business activity. Dbeibah’s speech was well-received by the audience, and his message is sure to resonate with those looking for ways to improve the national economy.
GNU’s Prime Minister Dbeibah inaugurating a new area of the Free Zone (June 2022)
For his part, the CEO of the MFZ Muhsin Sigutri, praised the efforts made to start operating the free zone after a stumbling period that lasted for years. He pointed out that this will be a great push for the city’s economy, as it will attract new investment and create new jobs. Mr. Sigutri also stated that the Free-Trade Zone currently employs over 40,000 people and is expected to employ over 100,000 by 2030. He also expressed his hope that the free zone will become a model for other cities in Libya.
Meanwhile, the Undersecretary of the Ministry of Economy confirmed the importance of the ministry’s role in supporting this region by linking it to the south to reach the state of Niger, considering the completion of infrastructure works an important step to activate the region. He also pointed out that many projects are underway in the field of transport and infrastructure to further connect this region with others, facilitate trade and movement, and activate investment opportunities.
A REAL free trade zone: No Taxes, No Duties
The Misrata Free-Trade Zone is one of the most important projects currently underway in Libya, and its port is already handling over 350,000 containers a year. Located in the country’s third largest city, the free zone offers many advantages for businesses, including:
0% personal or corporate income taxes
0% Customs duties or import/export taxes
0% value-added tax
100% capital and profit repatriation allowance
No restrictions on recruiting labour
Reliable & inexpensive power
Possibility of transferring ownership
No restrictions on cargo traffic
Furthermore, power is reliable and affordable, and land is widely available. Ground rents were $2.50 per sq metre for commercial and service sector companies, while rent for industrial firms stood at $1.50 per sq metre annually. Business licences are competitively priced and the minimum deposit to operate is just $100,000 per company. These favourable conditions have helped attract many international businesses to the trade zone, including: international companies such as automotive heavyweights Toyota and Nissan, Turkish construction giant Albayrak Group and Malta’s Medserv Energy, as well as Libya’s Brega Petroleum Marketing Company. As a result, the Free Zone has become the most important hub for trade and investment in Libya.
The MTZ is a vital part of the city and its people, and by developing it we can improve the quality of life for all Libyans. If you are interested in doing business in Libya, or have questions about the Misrata Trade Zone, please do not hesitate to contact us.We would be happy to help you get started in this exciting new venture.
This week, representatives from the Libyan and French governments gathered in Paris to strengthen economic ties between the two countries. The meeting was organized by the Libyan General Union of Chambers of Commerce in collaboration with the French-Libyan Chamber of Commerce and the MEDEF. Topics discussed included investment opportunities in Libya, reconstruction efforts following the 2011 revolution, energy, digitalisation and ways to improve trade relations.
A new era of cooperation with France
In the event, Rt Hon. Mohamed Raied (President of the General Union of Chambers and Libyan Parliamentary member) gave a brief overview of the economic situation in Libya and the great opportunities available for cooperation with France in many fields. He underscored that Libya has considerable capabilities and resources and is in dire need of development in various fields.
In this context, Rt Hon. Raied called on French companies to benefit from the opportunities available in Libya, stressing the importance of resuming economic activity and investment in the country. For his part, Philippe Gautier (General Director of MEDEF) reaffirmed France’s keenness to bolster economic relations with Libya. He also expressed hope and positivity on the security situation in Libya will be stable soon, so that French companies can resume their activities in the country.
President Mohamed Raeid’s speech was well-received by the audience, and there was a strong sense of hope for increased cooperation. While there are some obstacles to be overcome, such as the reopening of the consulate in Tripoli and the issuance of visas to Libyans, it is clear that there is a desire on both sides to work together.
Rt Hon. Mohamed Raied, President of the General Union of Chambers and Libyan Parliamentary member, at the event
The Future is Bright, but how will it be powered?
While the use of solar energy has been increasing in recent years, there is still great potential for further growth. In particular, solar energy can play a significant role in meeting the energy needs of Libya. While the initial cost of installing solar panels can be high, the long-term costs are much lower, making solar an attractive option for countries with limited resources. Additionally, solar energy is a clean and renewable resource, which is becoming increasingly important as the world faces the challenges of climate change. As such, there is a growing need for cooperation in the production of solar energy – so was recognised in the business forum.
At the same time, the fact that France is a country with a rich history and a keen understanding of the importance of international cooperation was also evidenced in the Business Forum. As Rt. Hon Raied highlighted, Libya is open to the French experience in many different areas, including transportation, infrastructure, education, industry, and trade. France, for its part, has much to offer in terms of expertise and know-how. By working together, the two countries can help accelerate Libya’s transition to a more modern and prosperous economy.
A new chapter of friendship
The French-Libyan Business Forum was a clear demonstration of the strong ties that exist between our two countries. France’s rich history and experience in international cooperation make it an ideal partner for Libya as we continue to rebuild our nation. The Euro-Libyan Trade Center is committed to facilitating access to the Libyan market, and we look forward to seeing fruitful collaborations take root as a result of this event. So please, don’t hesitate to contact us if you need assistance.
Risk analysis is a critical field in the business world, and if you’re interested in working in it, there are a few things you need to know. In this ELTC guide, we’ll walk you through what risk analysis is, what kind of jobs are available in the field, and how to make a career in risk analysis. So whether you’re just starting out on your career journey or you’re thinking about making a shift to risk analysis, read on for everything you need to get started!
What do Risk Analysts do?
They examine the political climate and social conditions of a particular country, region, or market to determine the level of political risk. They provide information pertaining to government stability, crime levels, currency convertibility, land rights issues, as well as other factors that would affect return on investment. Typically, analysts gather information pertaining to the area of interest, determine the causes, sources, and level of risk, and forward their findings to decision-makers. This might include providing solutions or offer recommendations for overcoming these risks.
Work in political risk management can be quite varied. If you pursue this field, you may find yourself working for international organisations, financial companies, rating services, oil companies, consumer businesses or companies that sell political risk information. You can also work in the political risk divisions of large consulting and insurance companies or within Credit, Fixed Income, or Equities in large banks.
Accounting and financial skills as well as an understanding of political processes are great basis for entering the field. Internships are strongly recommended for a career in political risk analysis so try to arrange work shadowing and longer placements; these can help you to decide on your career choice and are a real advantage when applying for jobs. You can adopt a speculative approach in seeking these.
Many individuals interested in political risk analysis see the need to focus on a particular angle that will create a pathway to their career. If you’re interested in the Equity Department, take courses in Economics. If you would like to specialise in a particular region, work hard to become an expert on its politics, culture, and economy. If you know that your languages are rusty then think about experience that will help you brush up. You will probably need to be proactive and make speculative applications to organisations that you are interested in and network in order to get that first role.
Useful Resources to build your commercial awareness:
Obtaining a job in political risk analysis is by no means a straightforward undertaking. Whatever you choose, you will likely need to create the building blocks of your career through a careful mix of postgraduate training, experience, skills and networking.
Successful analysts are people who can apply their knowledge to understand new and complex situations. They come from all sorts of backgrounds. Analysts usually have degrees in business or international relations or have worked in intelligence, law, journalism or law enforcement. Furthermore, banking experience is useful to those seeking employment at a financial institution. All applicants must have strong research and analytical skills. They need to be good decision-makers and able to communicate well. Potential employers are looking for ‘intelligent risk takers’ who are well-informed and keep abreast of current events. They also want individuals who can write concise and coherent reports. Language skills are an asset but not a requirement in the field. Some positions may expect you to know a particular region in deep so you are able to decipher a balance sheet, understand a country’s economic workings or provide insight into its politics. However, other positions will focus on several areas of the world and therefore do not expect you to be a specialist.
How to get started – Leading organisations
As you begin your career in the industry, it is important to start building a network of contacts and exploring the various opportunities that are available. This list of organisations is a great place to start. By taking the time to explore each website, you will get a better sense of the different types of organisations that exist in the industry, what kinds of opportunities they offer, and what kinds of commercial awareness you can gain from them.. So take your time and explore each organisation on this list; it may just be the first step on your path to success in the industry!
Aegis (London-based with offices in Afghanistan, Bahrain, Iraq, and the UK) www.aegislink.com/
AES Corporation (Headquarters in Arlington) www.aes.com/careers/careers-overview/default.aspx.
AIG (Offices worldwide) www.aig.com/individual
AKE Group (London-based with offices in Hereford and Singapore) www.akegroup.com/
Aon Corporation (Offices worldwide) www.aon.com/unitedkingdom/default.jsp
AXA XL (Offices worldwide) https://axaxl.com/
BP (Offices worldwide) www.bp.com/
Business Monitor International (Offices worldwide) www.fitchsolutions.com/bmi-research
Morgan Stanley (Offices worldwide) www.morganstanley.com/
NewLink Group (Headquarters in Toronto) www.newlinkgroup.com/
Nexant (Offices worldwide) www.nexant.com/
NRG (Headquarters in Houston) www.nrg.com/home.html
NRG: Nuclear Research & Consultancy Group (Headquarters in Petten) www.nrg.eu/
OECD: The Organization For Economic Cooperation & Development (Headquarters in Paris) www.oecd.org/careers/
Oxford Analytica (Offices in New York, Paris and Oxford) www.oxan.com/
PwC (Offices worldwide) www.pwc.com/gx/en.html
Rand Corporation (Headquarters in Santa Monica) www.rand.org/
Risk.net (Offices in over 20 countries) www.risk.net/
Riskline (Headquarters in Copenhagen) www.riskline.com/
S&P Global Ratings (Offices in over 30 countries) www.spratings.com/en_US/home
Smith Brandon International (Headquarters in Washington) www.smithbrandon.com/
Stratfor (Headquarters in Austin) www.stratfor.com/
The PRS Group (Headquarters in Syracuse) www.prsgroup.com/
Verisk Maplecroft (Headquarters in Bath) www.maplecroft.com/
Zurich Insurance Group (Offices worldwide) www.zurich.com/en/
Making a career in risk analysis can be both challenging and rewarding. In this field, you will have the opportunity to work with businesses and organisations of all sizes to help them understand and mitigate risks. If you are looking for a leading organisation that can provide you with excellent training and mentorship, look no further than our team at The Euro-Libyan Trade Center.
On Sunday, the Tripoli and Cairo Chambers of Commerce signed a cooperation agreement to formalise the framework of their efforts to support and motivate the Libyan private sector. The signing took place in Cairo, in the presence of representatives from both chambers. This is a very important step for bilateral trade relations between Libya and Egypt, and it lays the groundwork for future cooperation between the two countries.
Cairo and Tripoli: A new page of cooperation
The agreement includes a provision for exchanging all data and information that would develop joint commercial and industrial relations. Additionally, the agreement will provide information on the needs of the Libyan and Egyptian markets, as well as investment opportunities available between the two countries. Finally, the formalisation aims to organize bilateral meetings between exporters and importers in order to establish bilateral partnerships. This is a positive step forward for trade relations between Libya and Egypt, and will hopefully lead to increased economic activity between the two countries.
The agreement will help to improve the business environment in the region, and it is a clear sign of the commitment of both chambers to supporting the private sector. It is also a recognition of the important role that the private sector plays in the economy. This is an important first step, and we look forward to seeing more progress in this area in the future.
This week in Benghazi, young entrepreneurs from Libya and Tunisia will come together to share their experiences and learn from each other. The goal of the event is to help young people start and grow businesses, and to create links between businesspeople in both countries. This will be a great opportunity for networking and knowledge exchange, so if you are involved in entrepreneurship, make sure to attend!
The next generation of business leaders – Entrepreneurship
Promoted by the Tunisian NGO Bidaya, this event will take place on the 25th and 26th of June. The Non-Governmental Organisation contributes to the linkage of both countries, the support of private initiatives and in developing the capacities of young entrepreneurs. For more information, please visit their website.
During this event, there will be conferences, workshops, and Business to Business meetings between businesspeople from both countries. The goal is to create opportunities for partnerships between companies in order to improve trade between Libya and Tunisia. It will be a great opportunity to learn and network with other young entrepreneurs from both countries. If you are interested in attending, please do not hesitate to contact us. We hope to see you there!
Zuwara, the Libyan city on the Mediterranean Sea, will be hosting a maritime expo in September 2022. The Zuwara Maritime Expo will be held from 21 to 24 September at Zuwara Port and is expected to become a major forum for marine sector development in Libya and the region.
The aim of the expo is to develop the marine sector and marine wealth in Libya, which will in turn contribute to the country’s economic development.
Zuwara is home to Libya’s largest fishing fleet and the expo will provide an opportunity for local, regional and international manufacturers and investors to exchange experiences and expertise. As well as showcasing its potential as a major maritime hub in the region.
The Zuwara Maritime Expo is a great opportunity for the marine sector to develop further and create new wealth for Libya. We encourage all those interested in this sector to attend this important event. For more information, do not hesitate to contact us. We are looking forward to seeing you there!
This week, the Libyan Education and Training Expo will take place in Tripoli. Organized by the Ministry of Education, the Expo is set to be a major event, with representatives from institutions all over the world attending. The aim of the Expo is to promote education and training opportunities in Libya and to encourage investment in the sector. This promises to be an important event for the future of Libyan education and we will be covering it closely.
Starting on the 18th of June, Tripoli’s Sports City will hold the second-ever Libyan Education and Training International Expo. The event will last until the 20th of June and will have over 60 organisations, including: the British Council, Cyprus International University, Leeds Beckett University, Giga and Leptis Training, among others.
The forum will stimulate the Libyan educational capabilities, whilst it will facilitate the cooperation agreements between Libyan institutions and international organisations. Furthermore, it will also provide a valuable opportunity for youth Libyans to access education abroad.
The Euro-Libyan Trade Center fully endorses this excellent opportunity to continue building a prosperous and inclusive future. Make sure you don’t miss out – register now!
If you are interested in participating or assisting to the fair, please do not hesitate to contact us. We would be more than happy to help you.
As the Libyan healthcare sector ramps up its use of technology, it is expected to save millions of dollars in administrative and other costs. By automating tasks and deploying more efficient workflows, the sector is modernizing its operations and becoming more cost-effective. This will benefit not only the healthcare system as a whole, but also patients who will see improved service quality and reduced wait times.
Modernising Operations:
The Deputy Libyan Prime Minister Abdul Hamid Dbeibeh and the Health Minister Ramadan Abu Janah have just announced the launch of a national electronic management system for medicine stocks in the nation. The electronic medicine stock management system will contribute effectively to controlling the supply, distribution and storage of medical supplies, as well as providing an integrated mechanism for the implementation of the state’s public tender electronically. The system provides an interconnected electronic system that can be accessed through the national data network.
Furthermore, it also allows direct exchange of information and statistics between the Ministry of Health, health facilities and the medical supply system, according to reports that help the decision maker to provide the necessary medical care for citizens. At the same time, the system provides a comprehensive mechanism for the pharmacy management at the Ministry of Health, with regard to the distribution and dispensing of medical supplies and equipment in cooperation with the medical supply system.
Working for a brighter future
The Libyan healthcare sector is modernizing its operations by deploying technology to automate tasks and improve workflows. This is expected to save the sector millions of dollars in administrative and other costs. If you are looking for ways to reduce expenses and become more efficient, we can provide you with insights, guidance, and services that will help you achieve your financial goals. Contact us today to learn more about how our solutions can benefit your organization.
The first ever Libya Transport and Logistics Expo will take place at the Tripoli International Fairgrounds from 5 to 7 July 2022. The three-day event is considered the first of its kind in Libya, and will aim to introduce companies specialized in transport and logistics services, local and international, to Libyan businesses.
Visitors can expect to find a range of exhibitors showcasing their latest products and services, as well as educational seminars on various aspects of transport and logistics.
Make sure you don’t miss out – register now!
The inaugural Libya Transport and Logistics Expo (LITE) will be held at the Tripoli International Fairgrounds from 5-7 July 2022.
