Libya open for Lankan businessmen

Shirajiv SIRIMANE

Libyan government and the business sector want Sri Lankan companies to set up educational institutions in ICT, English and hotel management. In addition new employment opportunities have been created subsequent to the visit by President Mahinda Rajapaksa to Libya who became the first ever Sri Lankan head of state to receive state honours.

President of the Federation of Chamber of Commerce and Industry, Kosala Wickramanayake who led a Sri Lanka business delegation and returned to the county yesterday said that the visit was highly successful. He said that the Libyan private sector is very young and they want to interact with the Sri Lankan counterparts.

He said that Libyan government wants Sri Lankans to come to Libya and establish private schools to train students in English, information technology and also hotel management. "In addition they want qualified doctors and nurses from Sri Lanka to serve there," he said.

Wickramanayake said that new opportunities have emerged for Sri Lankans in the shipping and the construction sector and this should be pursued. Libyan businessmen who met the Sri Lankan delegation were also keen to invest in Sri Lanka especially in infrastructure and agriculture which is the new trend in Libya.

"Libya's economy depends primarily upon revenues from the petroleum sector, which contributes practically to all export earnings and over half of GDP. The oil revenue and a small population give Libya one of the highest per capita GDPs in Africa. Since 2000, Libya has recorded favourable growth rates with an estimated 8.1% growth of GDP. "Sri Lankan companies have been only concentrating on tea exporters and few other commodities and since the buying power is high its time exports add new products," he said.

An embassy in Libya is also expected to be set up this year and this would further boost business between the two countries.

"A delegation from the Libyan private sector is expected to visit Sri Lanka end of the year and we will arrange one to one meeting for them with Sri Lanka investors," he said.