Business

Business in Libya

A post-Qaddafi pause

Despite the opportunities, most foreign investors are so far staying away

A DRIVE down Gargaresh Street in central Tripoli suggests that foreign investors are having a ball in post-revolution Libya.

Debenhams, a British department-store chain, opened last month.

Young Libyans flock to Cinnabon, an American purveyor of sticky buns that arrived last year.

BurgerFuel, a New Zealand chain, plans to launch.

Business is booming, boasts Husni Bey, a local industrialist whose company runs the franchises for several Western chains.

Franchising is a relatively low-risk way of getting into this growing market of 6m people.

But few foreign firms have yet been brave enough to set up their own operations.

Investors who two years ago lauded Libya as a new frontier after 42 years of rule by Libya's eccentric dictator, Muammar Qaddafi, now speak in sombre tones.

Trade delegations have stopped arriving so frequently.

Many firms are fed up with drinking tea and being nice but getting no further, says Alex Warren, the editor of Libya Report, a business website.

Libya remains tempting.

The oil-rich country is virgin territory.

Recent rises in state salaries have made Libyans, already well-off for this part of the world, keen to spend.

So is the government, since the country's infrastructure is so poor.

Before the war it signed deals to build roads, railways, houses, hospitals and schools.

Now that international sanctions have been lifted, investment should be pouring in.

One problem is insecurity.

Benghazi, the country's second-biggest city, is still a no-go area for Americans, Britons and the French.

But rampant militias are not the main deterrent, says Kevin Virgil of Pathfinder Capital:

his London-based investment firm also works in Iraq, which is getting much investment despite being at least as dangerous.

The bigger worry is red tape.

Muddled property rights make it difficult to buy land or provide collateral for loans.

A well-meaning attempt to stamp out corruption has slowed down enterprise.

In the World Economic Forum's competitiveness rankings Libya is 108th out of 148 countries.

The new authorities took a step backwards last year by enacting a law capping foreign ownership in smaller joint ventures at 49%, down from 65%, while increasing the minimum investment to 1m dinars.

Those seeking 100% ownership must put up at least 5m dinars of capital.

An odd rule requires the foreign partner firms to be at least ten years old.

These restrictions suit a new oligarchy, incorporating many who were cosy with the old regime, which has access to capital unavailable to local investors and to connections that foreigners lack.

This year International Hospitals Group, a British health-care provider, signed a deal, said by local media to be worth 2 billion dinars, to build nine clinics.

But the government is scared to sign many such contracts because its mandate is temporary—a new constitution and elections are due next year.

Cranes stand idle over half-finished buildings. Most contracts negotiated under the old regime are yet to restart.

Militias are blockading oil ports, including the two most important, Sidra and Ras Lanuf.

That has disrupted oil exports, which were almost back to pre-war levels—the most positive sign of economic recovery.

A few foreign firms are being brave, especially ones from Turkey, South Korea and China.

Turkey's TAV Construction has restarted work on expanding Tripoli's airport.

A Marriott hotel in the capital, part-owned by Daewoo of South Korea, is being reopened.

Chinese companies are building railways and housing.

Last year Turkish exports to Libya almost tripled in value to $2.1 billion.

Turkish Airlines has started new routes to the thriving third city, Misrata, and Sebha.

Mr Virgil remains hopeful. His company plans to invest in the next 12 months.

Banking is just one sector that needs reform and does not involve dealing directly with the government.

For those willing to go on the ground and take a punt, says Mr Virgil, there are profits to be had.

商业报道

在利比亚做生意

后卡扎菲时代的停滞

尽管满地的机会，但外国资本还是敬而远之

外国投资者要想在革命后的利比亚找乐子，就开车到的黎波里市中心的加加莱西大街。

上个月，英国连锁百货商场德本汉姆上个月就在那儿开了家分店。

利比亚的年轻人则结伴到去年入住的黎波里的美国黏包店Cinnabon去消费。

新西兰连锁店BurgerFuel也有落户此地的打算。

胡斯尼·贝不无夸耀道：商业要兴盛起来了。胡斯尼是当地一位实业家，他的公司拥有好几家西方连锁店的特许经营权。

给当地企业以特许经营权，以这种方式进入这个有600万人口的新兴市场风险相对较低。

但是很少有外国公司有勇气跑到利比亚去设置自己的办事机构。

两年前，利比亚在结束了那位特立独行的独裁者穆阿迈尔·卡扎菲42年的统治之后被投资者视为新兴投资领域，而如今投资者的口风却又变了。

贸易代表团不再像之前那么来得频繁。

商业网站利比亚报告的编辑阿莱士·沃伦说：除了感受到利比亚人的友好客气，其他什么都得不到，很多公司对此早已厌倦。

不过利比亚依然很诱人。

这个生产石油的国家尚还是块处女地。

而最近利比亚全国涨工资，这让利比亚人已然迈入小康社会，他们很乐意消费。

加上利比亚基础设施落后，利比亚政府也乐意敞开钱袋。

早在内战前，利比亚就签了修公路、铁路，建房子、医院、学校的合同。

如今，国际制裁已经取消，境外投资自当涌入。

但安全依然是个问题。

利比亚第二大城市班加西到现在还是美英法三国人的禁区。

不过在探路者资本公司的凯文·维吉尔看来，猖狂的民兵并不是主要障碍，探路者资本是一家总部位于伦敦的投资公司，

这家公司在伊拉克也有业务，尽管伊拉克同样也很危险，但探路者在那儿的投资正在不断加大。

更大的问题来源于利比亚的官僚主义。

繁杂的产权让买地和为贷款提供抵押物都变得困难重重。

而本来好心的反腐举措也拖累了经济大局。

在世界经济论坛的竞争力排名中，利比亚在148个国家中仅列108位。

去年利比亚新政府立法要求在较小规模的合资企业里境外股份只能占49%，而之前的比例是65%，同时还增加最低投资要求，达到100万第纳尔；

对于寻求100%控股的外资企业投资金额必须达到500万第纳尔，这无疑是在开倒车。

还有个奇怪的规定要求在利投资的境外合伙企业需成立10年以上。

这些限制对于那些与旧政权息息相关的寡头政治是有利的，而这种寡头政治一头连着资本匮乏的国内投资者，一头连着打不进利比亚市场的外国人。

据当地媒体报道，今年英国医疗供应商国际医院集团和利比亚政府签署了一项建造总值达20亿第纳尔的9所诊所的协议，

但利比亚政府却不敢签这个单子，因为此政府只是个临时政府，而新宪法和选举要到明年才出来。

起重机被闲置在半拉子工地上，大多数的合同都是跟前政权签署的，都还未重启。

民兵封锁了包括锡德拉和拉斯拉努夫这两个最重要的口岸在内的石油港口。

这损害了利比亚的石油出口，致使这一行业几乎回到战前水平，而要知道这个行业是经济复苏最重要的标记。

少数外国公司则显得勇而无畏，特别是土耳其、韩国和中国的企业。

土耳其的TAV建设公司已经重启的黎波里机场的扩建工程；

韩国大宇集团拥有部分股权的的黎波里万豪酒店也重新开张；

中国的公司则在修路盖房。

去年土耳其对利比亚的出口几乎翻了三倍，达到21亿美元。

土耳其航空也开辟了到利比亚第三大城市米苏拉塔和塞卜哈的新航线。

维吉尔依然满怀希望，他的公司计划在未来一年内作出投资。

银行业是利比亚仅有的需要改革但不需和政府打交道的领域。

维吉尔说：对于那些想捞一把的人来说，利比亚油光可鉴。