Martyr Square, Tripoli, Libya. 17th February 2012 as witnessed by me and...

Libya: A Market of Opportunities

This is the full interview I made with Global Trader where I talked about the opportunities Libya will be offering and of course the challenges but generally, I am very optimistic about the future of Libya

"FEW people have better first-hand knowledge of the business landscape in Libya than Tarek Alwan. The 38-year-old managing director of SOC Libya Ltd may live in London, where

his company is headquartered, but he’s a Libyan national who has been back to

Tripoli twice since the fall of Gaddafi. And it’s that level of local expertise and empathy with the market which he believes gives SOC Libya the edge. The company, an independent advisory and services consultancy that assists and supports international companies entering the Libyan market, was formed in 2008 by Libyan, English and German professionals, and also has a Tripoli office.

Global Trader spoke to Tarek in December, while he was in Tripoli, where he said he found the city “much safer than expected.”

“Things are improving gradually and it’s amazing to see people just getting on with their lives. The new interim government has already been formed and it is slowly progressing,” he said. “There are a few gunshots here and there by overenthusiastic young fighters, but measures are being taken to stop that.” Tarek, of course, has seen Libya in all its many hues – from being a land of limitless opportunities to one cowering under the tyranny of a dictator and his sons. There were times when British companies found it impossible to do business there, followed by times when they were enticed by promises of it being the new Klondike. Now the country stands at another important crossroads, but Tarek is cautiously optimistic that it will take the right direction and fulfill its potential.

“With all our natural resources and the skills and education of the young population, we can be the most prosperous nation in Africa,” he says. “You can see it happening now, but it will take time.” The British government, through UK Trade and Investment, is encouraging companies to enter the Libyan market before rivals from other countries fill the vacuum. Tarek agrees that that there are many opportunities across a whole range of sectors, with health being one of the most promising.

“There is a great need for hospitals and medical supplies, along with construction, because of what happened to the cities during the conflict,” he said.

“Oil and gas, as you would expect, is still the main driver of Libya’s economy, but there are opportunities, too, in infrastructure, communications, IT, education and services. In fact Libya requires everything from A-Z.” But quite apart from the fact that his company is specifically designed to facilitate trade between foreign companies and Libya, Tarek believes that it would be foolish for Brits to enter the market without doing the best research.

“Unless British companies get help and assistance, and perhaps link up with local partners, it can be very challenging, costly and time-consuming, and ultimately doomed to failure. My advice is to do lots of preparation work and decide what are the best options, either by forming a partnership or a joint venture. Preparation work can include establishing contacts with end users in the country.” And once there, Tarek is confident that British people will find that reconciliation rather than recrimination is the order of the day on the streets. “Generally the mood is good, with all Libyans eager to restore harmony, in spite of some of the former divisions, although this is not going to happen completely overnight,” he said.

● SOC Libya provides the following services: Finding the right business partners, promoting international companies, registering companies, opening branches or representative offices, due diligences, arranging business missions to Libya, appointments setting, drafting & negotiating contracts, implanting agreement and contracts, market research & analysis, assisting business Improvement, ongoing support, consulting on law issues, regulations, tax and legal opinions. Visit www.soclibya.com/