The president of BonelliErede, the Italian consultancy, Stefano Simonacci, announced his firm’s alliance with Zahaf & Partners, a leading Libyan law firm with extensive experience in helping institutions and companies, expanding BonelliErede’s presence in North Africa, after opening previous branches of the company in both Cairo, Addis Ababa and Dubai.
In an interview with the Italian newspaper Corriere, Simonacci explained that this alliance represents another step towards further growth in Africa and the Middle East. Regardless of the political situation Libya is going through, it is a very dynamic market, full of opportunities for international investors in various fields that contribute to the reconstruction of the country, according to Simonacci.
Simontacci predicted that “Africa will witness exceptional development over the next ten years, as the continent’s population is young, with a very high presence of female entrepreneurship, which is a very important opportunity for GDP growth.”
Simontacci is betting that Libya will enhance political stability that will allow it to become one of the most attractive countries on the entire African continent. Libya has important oil fields, significant infrastructure to build, and world-class tourism potential, and Italy has a competitive advantage as it is seen as reliable and favored over global powers such as China and the United States.
Simontacci agrees that Europe is paying the highest price in this war. The Italian economic system is closely linked to Ukraine (for raw materials) and Russia for business, which forces in a post-war international environment, thinking from a medium and long-term perspective, finding alternatives to existing international suppliers and outlets in new markets, which makes Africa more central and strategy in the near future.