Move is part of the expansion plans into the Libyan market
Seeks stronger trade ties and explores opportunities for Dubai businesses in the promising Libyan market
Forum will host parallel sessions on infrastructure, construction, tourism, hospitality, oil and gas, and finance
302 Libyan partnership companies currently operating in Dubai
Dubai, UAE: In order to explore the growth prospects offered by Libya's redevelopment process and as part of its efforts to enhance trade ties with the African country, the Dubai Chamber of Commerce and Industry has announced organizing of a major Libya Strategic Investment Forum to be held in Dubai on May 7.
The announcement came on the heels of a Dubai Chamber delegation's participation in the recent TEDx Tripoli conference held in the Libyan capital which saw a large turnout of business leaders, decision makers and entrepreneurs from the world over. The high level delegation was led by H.E. Abdul Rahman Saif Al Ghurair, Chairman, Dubai Chamber.
H.E. Al Ghurair stated that Libya is a promising destination for Dubai's business community as the country's redevelopment process offers excellent opportunities for Dubai Chamber members to use their expertise and benefit from the growth prospects offered by the country's trade, infrastructural, and financial services sectors as well as to increase their competitiveness in the Libyan market.
The Chairman of Dubai Chamber informed that the Libya Strategic Investment Forum will be attended by high profile government officials, dignitaries and business leaders from the UAE and Libya and will host parallel sessions on infrastructure and construction, tourism and hospitality, oil and gas, and finance and also a presentation on how to do business in Libya.
"As part of our efforts to explore new and lucrative markets for our members, Dubai Chamber has been closely monitoring the economic situation in Libya and has also been active in gathering the necessary information on the potential business in the Libyan market," added H.E. Al Ghurair.
He further stressed that Dubai Chamber has established strong relationship with the Libyan Union of Chambers of Commerce, Industries and Agriculture and has learnt that the country has not changed its investment law and is giving priority to UAE businesses while also attracting them to get involved in the rebuilding process of Libya.
On their part, the Libyan officials expressed their desire to emulate the example of Dubai Chamber and to benefit from its experience of developing partnerships with strategic global chambers and their members, its liaison with world chambers bodies in implementing best business practices while also exploring new markets for its members.
They also showed their interest in adopting the successful examples of Dubai Chamberin honing the skills of its workforce, its work management ethics and best business policies which they said can contribute to improve the performance of Libyan Chamber during the country's transition period.
Last month, a Dubai Chamber team accompanied the UAE delegation headed by the Ministry of Foreign Affairs when the Libyan officials expressed their desire to establish strong economic ties with Dubai and to offer all facilities to the Emirate's investors in Libya.
Dubai Chamber is also extending its support and endorsement to the Libya Infrastructure & Rebuild Conference which will be held in June in Dubai. The event will provide a major showcase of various industry expertise reflecting the importance of the vital sectors to Libya's economy as well as the essential contacts necessary for the participating companies to secure a part in Libya's economic development programme.
Currently, there are 302 Libyan partnership firms registered with Dubai Chamber and operating in Dubai as the Emirate's non-oil trade with Libya in the first five months of 2011 stood at AED 1.3 billion while trade with the country valued at AED 7.5 billion in 2010 and AED 8.1 billion in 2009.
Source: Zawya (Press Release)