Business Climate in Libya

Chairman of Libyan Iron & Steel Company (LISCO) Dr. Mohamed Abdulmalik Elfigih discusses the business climate in Libya. According to Dr. Elfigih, “The Libyan economy is an oil based economy. The other sectors’ share in very limited. On the other hand, the Libyan market is really big. The population of Libya is about 6.5 million plus another 3 million or so of foreigners who are working here. So that’s about 10 million people inhabiting a huge territory in a big geographical area, which means that the market is very broad. Libya is a promising and emerging market.”

He believes that the business climate is slowly improving, “we can say that the situation is improving; particularly in comparison to 2012. There are still many challenges to face; principally the security situation, which is improving and I hope we will reach stability soon.”

“I am always comparing the situation of Libya; from 2011 and the liberation, 2012 and now 2013. The situation in general is improving, the climate is better every day. Of course this doesn’t mean that there aren’t some events that don’t support this from time to time, for example the recent events in Benghazi.”