Egypt’s exports set to benefit from Qadhafi’s ouster

Investors have said Egyptian exports would benefit from rebuilding Libya following Qadhafi’s ouster, and projected that the trade balance between the two countries, which currently stands at US$3 billion, would double to US$6 billion.

They ruled out the possibility that US and European companies would get the lion’s share of rebuilding, as happened in Iraq, and projected that Egyptian companies would win 30 percent of prospective projects due to the proximity of both countries.

“Libyan companies have already started contacting us,” said Nasser Bayan, president of the Egyptian Association for Investment in Libya.

“The Egyptian Foreign Ministry can play a pivotal role in boosting investment for Egyptian companies by maintaining good diplomatic relations with the Libyan Transitional Council,” said Walid Hilal, president of the Export Council for Chemicals.

He called on all Egyptian banks to open branches in major Libyan cities to facilitate trade.

Translated from the Arabic Edition

Related Articles

Back to top button