Forum discusses Libya opportunties
Malta, February 28, 2012
Professionals and international businesses interested in the rebuilding and development of Libya discussed key challenges and opportunities at a two-day conference in Malta, which concluded today.
The event, entitled ‘The New Libya Forum: Building the future together’, was organized by Deloitte firms in the Middle East and Malta and EMCS Ltd, on February 27 – 28.
Shedding light on both opportunities and challenges, the forum served as a platform for an international network of business professionals, who seek to both assist and work with the New Libya, through collaborations between the international business community and Libyan entrepreneurs, companies and public sector leaders, said a statement.
Experts and partners from Deloitte were present to share their technical, advisory and industry expertise with the attendees on how to do business in Libya to support the country in its plans to expand economic capacity and enhance infrastructure.
“There is an evident growing global interest in Libya, sparked by the recent changes which have impacted the country. Many industries will now develop and change, such as the Oil and Gas, construction and tourism sectors, with many global firms eyeing the opportunities which the country offers,” said Omar Fahoum, chairman and chief executive of Deloitte in the Middle East.
“However, many challenges are posed with setting up businesses in Libya, be it from sourcing skilled talent to understanding and managing regulatory and tax complexities,” he added.
“The Libya market is not new to us. Our Middle East firm served Libya clients and international firms for many decades before the last regime took control. As we are part of other Middle East countries, we are pleased to yet again support our Libyan and international clients in establishing and growing their businesses, as well as engaging the Libyan public sector in its ambitious plans for infrastructure and social reform,” added Fahoum.
In addition to Fahoum, present from Deloitte Middle East were Robert O’Hanlon, partner in charge for Audit Services in the region, who shared his expertise on how to set up new business, and Brandon George from the firm’s International Tax Services.
“Many businesses will soon be opening up in Libya, creating a well-varied business environment. Due to the country’s ample natural resources, Libya can become a leading economy in the Mediterranean,” commented O’Hanlon. – TradeArabia News Service