TRIPOLI, Libya, Oct. 29 (UPI) -- Government and business officials are pointing to Libya as the land of opportunity now that the dust is settling from eight months of civil strife.
Long-term dictator Moammar Gadhafi's rule ended in September and with his death on Oct. 20, many in the international business community are pointing to the oil-rich African nation as the epicenter of business growth, especially with opportunities winding down in Iraq and Afghanistan, The New York Times reported Saturday.
"Whilst speculation continues regarding Gadhafi's killing, are you and your business ready to return to Libya?" said one online message posted by Trango Special Projects, a British company.
Also in Britain, Defense Minister Philip Hammond said recently that British executives should "pack their suitcases," and head to Libya to work on new deals.
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Opportunities may be especially ripe for companies from NATO alliance countries, given the valuable air support provided to rebels during the eight-month struggle to topple the dictator.
In contrast, China offered to sell arms to Gadhafi as recently as July, which likely will not help its businesses while passions over the struggle remain high.
The World Bank said foreign investment in Libya rose from $145 million in 2002 to $3.8 billion in 2010, but that may have just scratched the surface, given the recent rebellion.
Early work in Libya is likely to center around construction and security. The country is still considered a dangerous place, given the number of people who armed themselves to fight for their freedom.
But the enticement is palatable, the Times said. Libya has the largest oil reserves in Africa and was exporting 1.7 million barrels per day before hostilities commenced in February.
A recent conflict now translated to rebuilding opportunities. An oil-based economy translates to a country with the money to make new investment.
"There is a gold rush of sorts taking place right now. And the Europeans and Asians are way ahead of us. " said David Hammond, president and chief executive officer of the National U.S.-Arab Chamber of Commerce.
"I'm getting calls daily from members of the business community in Libya. They say, 'Come back, we don't want the Americans to lose out,'" he said.
