1 day event
Libya Trade & Infrastructure Finance Conference
Swissôtel The Bosphorus, Istanbul
February, 06, 2014
Istanbul welcomes crucial conference on Libyan trade development
Business and political leaders gathered to assess Libya’s current trade output and the country’s infrastructure requirements for trade growth at the inaugural Libya Trade & Infrastructure Finance Conference, which took place at the Swissotel The Bosphorus in Istanbul on February 6.
Organised by Global Trade Review, the world’s leading trade, export and commodity finance title, the conference saw discussion on both the risks and the rewards to be gained by doing business within Libya’s newly liberalised economy, the need to overhaul both the public and private sectors, and the country’s potential for growth as a regional trade hub.
Commenting on the significance of such a gathering on the side-lines of the event, John C. Grech, Chairman of sponsors FIMBank and chair of the conference said: “Libya’s successful transition and sustainable development hinges on the evolving security situation and the new government’s economic strategy. This conference will focus on these key developments, and the progress being achieved. It will also provide a unique insight by policy makers as well as senior Libyan public and private sector business leaders.”
With high level representatives from Libya’s public and private sectors in attendance including the Libyan Ambassador to Turkey, the National Oil Company (NOC), the Central Bank of Libya, HB Group, Libyan Foreign Bank, Aman Bank and the Tripoli Chamber of Commerce, exuberant debate prevailed throughout the day, with those domiciled in Libya keen to denounce the sensationalist picture of the national risk environment provided by international media outlets. Wide agreement was reached on the need for the significant reduction of the bloated public sector; a hang-over from the Gaddaffi era, and for development of the regulatory framework required to enable growth across the private sector.
Grech added that the tone is very much set for meaningful dialogue to take place on supporting business in Libya. “We intend to send the message that we plan to continue fulfilling our role as a facilitator between emerging and developed markets, remaining committed to increasing access to trade finance products in order to support development in the region.”
