Libya's Vision 2030: a £5 billion opportunity for UK businesses
British business leaders were told this week of the exciting £5 billion “once in a generation” opportunity to get involved in rebuilding the economy and infrastructure of Libya.
Mahmud Elforjani, executive director of the nation’s National Development Agency (NDA), pictured above, made a three-day visit to London for the official UK launch of Vision 2030 Libya, and spread the word about its ambitious reconstruction plans.
Vision 2030 Libya: rebuilding the economy and infrastructure
The visit began with a closed-door meeting at Parliament. “This is a once-in-a-generation opportunity for British firms to engage in transformative projects that will not only rebuild Libya but also generate substantial economic returns,” Mr Elforjani said during the meeting.
Later that afternoon, the official inauguration of Vision 2030 Libya took place at the Four Seasons Hotel London at Park Lane, attended by prominent business leaders, MPs and members of the House of Lords. The event opened with a VIP reception, followed by a ribbon cutting ceremony, symbolising a new era for Libya.
The ribbon was cut by Lord Truscott, Marquess of Bristol, Baroness Uddin, Lord Boateng, Sir Bob Neill KC, Lord David Evans and The Earl of Erroll, alongside business leaders. Baroness Uddin delivered the opening address, emphasising the strategic importance of UK-Libya partnerships in stabilising the region. Lord Boateng and Sir Bob Neill KC echoed the sentiment, underscoring the potential for trade, investment and peacebuilding initiatives.
Vision 2030 Libya is the strategy for rebuilding infrastructure, developing human capital and attracting international investment.
NDA seeks to build a diversified economy with reduced dependence on oil exports through building up the tourism, agriculture, industry and logistics sectors.
Vision 2030 Libya is the strategy for rebuilding infrastructure, developing human capital and attracting international investment.
As well as infrastructure, key targets for investment include healthcare, renewable energy, education, sustainable fisheries and even tourism, with £5 billion allocated for UK companies.
Flagship NDA projects include a 1,000km strategic road network to be built by 2030, the modernisation of Benghazi’s water networks and the construction and modernisation of airports, including Benghazi International Airport, set for completion in 2026. In total, 50 major infrastructure projects, including roads, bridges, airports and stadiums, have already been carried out, with 30 projects underway, and a further 10 projects still in the planning stage.
Potential for UK trade partnership
Despite the progress made so far, Libya remains divided by a dual-government system and continuing instability that makes it harder to put it on a path to united national renewal and prosperity.
But as Mr Elforjani put it: “We have a responsibility to rebuild our nation. We believe that with the right partners, we can transform Libya into a hub of stability and opportunity.”
He made the point that, while the UK remains in the early stages of re-engaging with Libya, French and Italian firms have already established a strong foothold in the region, capitalising on reconstruction contracts and infrastructure projects.
The UK, still forging new trade partnerships in the post-Brexit world, needs to act quickly to avoid being left behind in a market that is rapidly reopening to international investment.
Restoring stability and economic opportunity in Libya
Libya has also been a key gateway for migrants heading for Europe, with almost 80 per cent of those crossing from Africa passing through a country strategically placed on the Mediterranean, facing Italy, Greece and Malta, according to figures from the International Organization for Migration.
Restoring stability and economic opportunity in Libya could slow the flow of migrants that has brought such intense pressure to the borders of Britain and other European countries.
This is a once-in-a-generation opportunity for British firms to engage in transformative projects that will generate substantial economic returns
Mahmud Elforjani, NDA executive director
During the memorandum of understanding (MoU) signing ceremony, three landmark agreements were signed with leading British businesses, representing projects collectively worth hundreds of millions of pounds.
The visit concluded with a call to action for UK firms: Will the UK step up to play a pivotal role in Libya’s transformation, or will others seize the opportunity? The answer could determine not only Libya’s future but also the shape of regional stability in the years to come.