Egypt’s participation in rebuilding Libya will yield huge benefits, EBA
The government must coordinate reconstruction efforts with the Egyptian Businessmen Association and the Commercial Chamber to overcome hurdles
Egypt’s participation in Libya’s reconstruction will create huge opportunities for the Egyptian contractors and labors, with the rebuilding efforts resting squarely on infrastructure, building schools, hospitals and houses, according to member of Egyptian Businessmen Association and chairperson of Vantage Developments Mohamed Abd El Gawad.
During the visit Egypt’s Prime Minister Mostafa Madbuly and a number of ministers paid recently to Libya, the Egyptian government has showed its keen interest in taking part in the reconstruction efforts. That said, the Egyptian companies will certainly feel encouraged to start searching for cooperation opportunities and to get involved in rebuilding the country, he explained.
“Further still, with the Egyptian workers being allowed to return to Libya gradually, huge benefits will be reaped.”
The Egyptian companies played in the past pivotal roles in reconstructing and rebuilding Libya. With relations between Egypt and Libya are so firmly entrenched by cordial political ties, historical roots, and geographical dimension, “Egyptian contractors are bound to thrive in the Libyan market,” said he.
Egypt owns high expertise, efficient technicians and trained workers, as the country’s Mega National Projects offered by the government and successfully executed over the past several years have helped hone the skills of these companies and deepened their interest in upgrading their equipment and align their construction mechanisms with internationally recognized trends. They became more capable of executing projects efficiently and ahead of schedule.
For the contracting sector to be well qualified to cope with the step of working in Libya, the government must arrange its efforts with the Egyptian Businessmen Association, the Commercial Chamber and firms in order to get the best opportunities, overcome hurdles facing the companies and frame an overall plan for working abroad.
Recently, the Egyptian contractors entered into a swathe of mergers and acquisitions deals with the aim of creating new entities that can work in the Libyan markets, he elaborated.
More consortiums tying up Egyptian with foreign companies are likely to be founded, in view of the latter’s search for experienced partners who have friendly relations with the Libyan People.
Working in Libya will yield multiple benefits for the Egyptian contractors, namely ratcheting up employment, filling Egypt’s coffers, and revving up the building material sector reeling from major headwinds recently.
With the cement industry being squeezed by rising supply surpassing local demand even after curbing production, working in Libya will help save this strategic industry and stabilize the overall building material prices in the medium term, as decreasing production often triggers price cuts.
