Libya: El-Mansuri, Italy and its investors are nearest to us

Head of Development Consultancy Group(Abc), economy is promising

10 January, 15:42

An oil refinery in Libya An oil refinery in Libya

(ANSAmed) - Rome, January 10 - The current situation of Libyan economy is very promising in the energy sector as well as for European and Italian investors, Abdulmagid El-Mansuri, chairman of the Libyan Economic Development Consultancy Corp (Abc). "Concerning oil & gas, we are back to our old production capacity before the war, and NOC (Lybia's national oil agency) is starting soon to open bidding for granting exploration concessions'', El-Mansuri said in an interview to ANSAmed. With regard to trade, Libya is also doing well ''and market is recovering as government represented in the ministry of economy is facilitating procedures for Libyan private sector importers and exporters and supporting the role of the private sector'' to facilitate foreign private investors. The interim Government in Libya, he added, ''is working hard on deploying security on the ground'', starting by paying attention to the borders of Lybian economy and their security, in order to prepare the ground for European investment projects.

El-Mansuri estimates that a serious start to joint-venture and international investment projects will not begin before late in the last third of 2014, ''as by then the approval of the constitution will be accomplished, as well as the election of the first president and the establishment of a permanent government''. The Libyan Economic Development Consultancy Corporation (ABC) ''is the leader in its field in Libya thanks to its unique Advisory Board with members of international level, like former Italian minister Gianni De Michelis, who is now the chairman of Ipalmo (Istituto Italiano per le relazioni con i Paesi dell'Africa, America Latina, Medio ed Estremo Oriente).

''We in ABC believe strongly that Italy is the nearest to Libya'', El-Mansuri said, and ''we are soon going to propose to Italy and Libya to establishing a mutual investment bank, that will finance JV investment projects of private companies working on the Mediterranean sea wealth's(fishing etc) and in wider Africa as well''. ''Other than legal, economic, banking, financial, companies incorporation, projects guidance services, ABC will also help, advise and guide the Italian companies willing to invest in Libya. We are starting a new service of due diligence which is becoming more important after the war: for example, whenever we are asked by serious Italian clients, we will give a certificate under our responsibility about any prospected Libyan partner/representative agent or about land ot buildinf ownership".

Asked about the the National congress order to close the borders with neighbouring countries, such a closure is ''a temporary one'' for the sake of the security of security of an area of almost a 1,775,000 square km, otherwise endangered by fighting, smuggling of illegal immigrants, weapons, and drugs, he answered.

Finally, with regard to Italy, ''Italy is already prior partner as almost 40% of our oil & gas transaction is with Italy'', El-Mansuri underlined. Besides,''thanks to the role Italy played in supporting the Nov17th's revolution, it will be entitled to an important role in the economic sector as well, especially if companies and business men & women can avoid the army of crooks(mediators)from both countries who played a bad role in the past''. ''Italian companies and their counterpart should deal directly together and avoid the mediators who may sometimes damage economic relations''. ''I'm so optimistic for a viable economic incorporation among the Italian-Libyan entrepreneurs expressing that ABC will do all may be helping such incorporation''. (ANSAmed).