Libya to Open Branch of Investment Firm in Brazil

The Libyan Arab Foreign Investment Company (Lafico), a state-owned company that controls Libyan government investment abroad is studying the establishment of a branch in Brazil.

The firm wants to create a holding to prospect and administer future company business in the country.


“The idea is to create companies turned to specific sectors, like livestock farming and tourism, and to seek investment projects,” said the Libyan ambassador to Brazil, Mohamed Heimeda Matri.


The diplomat hopes that the operations begin before the end of the year. Although the sectors in which the Libyan government is going to invest have not yet been defined,


Matri stated that apart from agribusiness and tourism, the iron ore sector is also generating great interest.


“In Libya we have the greatest steel factory for the construction sector in Africa and we import the ore from Brazil. We are working on establishing partnerships with a Brazilian company that produces iron pellets,” stated the diplomat.


Although Lafico does not yet have an office in Brazil, one of the projects of interest to the government of the Arab country has already started moving.


According to Matri, four months ago the Libyan state-owned company closed an accord with construction company Norberto Odebrecht for the execution of a viability study for the construction of an irrigation system in the northeastern Brazilian state of Bahia. The Brazilian company confirmed the signing of the agreement.


Lafico has shown interest in irrigation projects in the São Francisco River Valley at the beginning of last year, when company directors visited Brazil.


According to Matri, the decision of moving forward with this project took a long time to come true as the government was awaiting approval of the Public-Private Partnership Laws (PPP’s) by the Brazilian Congress, which only took place in December 2004.


According to Matri, the deal involves an area of 90,000 hectares and investment of US$ 450 million. He hopes that the viability study may be ready up to September.


The Libyan government is also interested in investing in Agriculture in the region. Investment in the aviation sector is being studied too.


Ever since the visit that President Luiz Inácio Lula da Silva made to Libya in December 2003, trade relations between Brazil and the Arab country have been growing in a significant manner.


Last year, bilateral trade between both countries (exports plus imports) reached US$ 173 million, against US$ 78.6 million in 2003, an increase of over 120%. Apart from that, at the beginning of this year, Petrobras won a tender for oil exploration on the Libyan coast.


ANBA – www.anba.com.br

Tags:

  • Show Comments (1)

  • bassem

    thailand workers
    manpower from thailand

    0066894588002

Your email address will not be published. Required fields are marked *

comment *

  • name *

  • email *

  • website *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Ads

You May Also Like

Lula Defends Brazil’s Central Bank Interest Rates Policy

In a speech at Petrobras regional headquarters in the Greater ABC region of São ...

Some Light Camera Action at Cinema Brazil

A fresh breeze is blowing through the Brazilian cinema sector. Although films have been ...

Brazilian-Spanish Couple Pedals for 10 Years Around the World for UN

The Brazilian Miyuki Okabe and the Spanish Eneko Etxebarrieta were listening to the radio ...

Brazil Expecting Half-Percentage Cut in Key Interest Rate

The Brazilian Central Bank’s Monetary Policy Council (Copom) begins its first meeting of 2006 ...

Brazil Starts Year with Bang Exporting Half a Billion Bucks a Day

The international trade flow began the year at a rhythm similar to last year. ...

Why We Failed: Brazil and World Politicians Can’t See Humanity, Only Voters

Everyone knows that the Copenhagen meeting failed in its attempt to impede the climate-change ...

Lucky Brazilians! They Have Six Obamas to Choose From

Barack Obama is running for mayor in Belford Roxo, a little town close to ...

Argentina Wants More Business with Brazil’s Northeast

The Brazil-Argentina Chamber of Commerce, with offices in Rio de Janeiro, Porto Alegre, and ...

Brazil: Just Another Day of Wait at the Che Guevara Camp

What do the inhabitants of the Che Guevara camp in Alto Alegre dos Parecis, ...

Brazil Will Teach Lebanon How to Sell More to Brazilians

Brazil has agreed to help Lebanon in areas like trade, health, water quality, livestock, ...