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By Libya Herald staff.
Tripoli 27 December 2013:
KPMG is upgrading its Libyan presence from a representative office to a full-service member firm, . . .[restrict]in what will be seen as a welcome vote of confidence in the new Libya.
Announcing the new status, which starts on 1 January, KPMG pointed out that while media attention has been dominated by politics and security, the stimulation of economic activity has been overlooked. The diverse infrastructural needs of the economy meant, it said, that the government is granting large contracts to international operators.
KPMG needed to be in Libya because many of its international clients were already present in the country and were bidding to be involved in the reconstruction.
The firm accepted there were challenges ahead: “It is a long and occasionally difficult process and inevitably it will not proceed without disruptions”.
Nevertheless, KPMG said it believed that “as infrastructure contracts are fulfilled, business opportunities will disseminate in the related industry clusters and the economic multiplier effect will generate new activity and new opportunities”.
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