One of the fascinating aspects of the events in Libya is how swiftly the western perception of the Gaddafi regime has changed. Only a few weeks ago the country was regarded – albeit with some suspicion and caution – as a reasonable place to do business of a commercial (or political) nature.
The Libyan British Business Council, based at St James’s Park in London’s upmarket West End, has failed to update its website, it seems*. It says:
Libya’s image has changed dramatically……There has never been a better time for UK companies of all sizes and make-up to turn their attentions to Libya.
To be fair the website offers some advice that it is not all smooth sailing for the British entrepreneur in Tripoli.
Of course, doing business in Libya presents significant challenges to foreign investors: decision-making is often slow and the lack of transparency and frequent changes in legislation can be frustrating. But with the advice and support of the LBBC, these difficulties can be anticipated and overcome.
This appears to have underestimated Libya’s potential instability by a very large degree.
* To be fair they may have enough on their plate helping out British corporations caught out in the mayhem.
Jim Pickard
Kiran Stacey