CAIRO: Business officials in Egypt and Libya have expressed an interest in increasing economic cooperation, citing large market potential as both states recover from their respective regime changes this year. The Egyptian Businessmen Association, headed by Hussein Saber, announced that they would visit Libya in November to form a new Egyptian-Libyan business council. Last week, the Libyan Business Youth Association announced that they sought to bolster ties with Egyptian businessmen as well. Historically, Libya has invested heavily in Egypt's telecommunications, information technology, construction, finance, agriculture and tourism industries. Libyan investments in Egypt have increased particularly over the past few years. Libya is considered the fourth largest regional investor in Egypt's markets. Before the civil war this year, Libya took slightly over four percent of Egypt's exports annually, according to a Ministry of Trade official. Egyptian investments in Libya currently equal about US $520 million. Officials and businessmen believe that there is room for growth through renewed partnership between the two states. Libya's economy was sacked by the civil war that deposed the Col. Muammar Ghaddafi regime this year. However, there is a substantial need for reconstruction– and thus a substantial market potential. Libyan officials reportedly said that Egypt could provide teachers, doctors, consultants, utilities and infrastructure to the state. Libya's National Transitional Council (NTC) announced that it would give investment preference to companies coming from countries that helped aid in the rebel's efforts this year. Some analysts report that Egyptian authorities may not have done enough to support the rebels, however. This may put Western powers like the United Kingdom, France and the United States ahead of Egyptian investors. BM
