Libyan state firms court US investment

Libyan state firms court US investment

The governing body of Libya’s telecoms sector is seeking cooperation with American tech firms in a bid to increase overseas investment in the market.

As reported by the Libya Herald, Faisel Gergab - chairman of the Libyan Post, Telecommunications and Information Technology Company (LPTIC), which oversees all state-owned firms in the sectors – met with a number of representatives from the US on 26th February to discuss the matter.

TeleGeography reports that among those present were the US embassy’s Commercial Attaché Daniel Liss, US Director of the American Chamber of Commerce in Libya (AmCham Libya) Debbie Hirst, and a number of telecom and technology companies from the US.

In a bid to demonstrate Libya’s development plans and encourage overseas investment, Gergab outlined plans for 2021-2023, stating that “international companies are considered strategic partners in development and investment in Libya and LPTIC is looking forward to more cooperation between the US and Libya.”

Liss welcomed the overture, noting that “advances in telecommunications technology, coupled with political stability, will open greater economic opportunities for Libyans and make Libya a stronger investment partner.”