Libya : A gold opportunity for foreign investment
By: Ekkarat Mukem
The Alami : An exclusive interview with Mr.Chackrit Suwannasarn, president of Silver and Gold Development Placement Co., Ltd.andSilver and Gold Group of Companiesabout the group’s international recruitment firm and investment opportunities in Libya
Countries of the Middle East have attracted the attention of new investors over the years. Libya, a large country in northern Africa along the Mediterranean Seaalso offers numerous new business and investment opportunities in the country.
Libya had been damaged due to its civil war and political unrest. In Chackrit’s opinion, a very bright future of foreign investment has been predicted for the country after the death of Libya’s former leader Muammar Gaddafi in the eyes of Mr.Chackrit, the president of Silver and Gold Development Placement Co., Ltd.andSilver and Gold Group of Companieswho has business in Libya for almost 30 years.
Mr.Chackrit explained that, in 1981competition for the recruitment and overseas employment services in the Middle East was very intense. That was reflected in payment being made under the table to employers in order to work overseas. Meanwhile many recruitment firms that provide Thai manpower to the Middle East had mushroomed because there was no control measure for the development of recruitment agencies. That then created an environment for manpower abuses.
“I didn’t care about payment being made under the table to employers. So, I switched to Libya where several recruitment firms from European countries are established. These companies operate their works in compliance with international regulations onoverseas employment. They provide accommodation, food, air ticket and salaries to labours. We have also adhered to these regulations over 30 years of our business.” MrChackritsaid
Under the legal procedure of recruitment and overseas employment, it’s employers’ duty to payqualified candidates for all of their expenses, MrChackritnoted since they are leaving their home to travel to Bangkok. The expenses that the employers need to pay include transportation, passport application and air ticket cost. However, it’s common for qualified candidates and employers to reach an agreement thatthe candidates pay the expenses themselves in order to work overseas. And that put them at a disadvantage and caused them to pay higher rate of expenses for overseas employment process. This issuehas created negative public image of recruitment agencies.
Over the years, MrChackrit said that Silver and Gold Group of Companies has never offered bribe to employers and carefully selected good employers’ companies so that qualified candidates who want to work overseas will pay for recruitment procedure according to the defined rate.In the past, some people made a false claim that they represent Silver and Gold Group of Companies that cause extensive damage to the company.
“In the past 30 years, there were a large number of Thai workers who were unemployed in the market. So, many of them wanted to work overseas to earn more money. And many recruitment agencies have been developed to provide manpower to foreign countries. This has created an environment to workforce abuses. Some people say that workers who want to work overseas would lose their farm because they have to sell their produce to pay for overseas employment procedure and the workers would lose their wives who would leave them as they have no money when they come back home.” he said
Mr.Chackrits tressed that opening an international recruitment firm for overseas employment is not an easy task. The owners must be knowledgeable about recruitment procedure and overseas employment laws in each country. For instance, the Philippines is very strict about recruitment agency license. If an agency is not able to provide at least 100 Thai workers to the country within one year, the firm will not be allowed to renew its licence. Most importantly, the agency’s owner must have high level of ethics.
Apart from being in compliance with overseas employment regulations and laws, a recruitment agency has to ensure that workers live a good life while they are staying at a foreign country until a contract is terminated. The stability of recruitment and employment firm is also of paramount importance as it can affect to workers’ expenses.
Silver and Gold Development Placement Co., Ltd.is fully owned subsidiary of Silver and Gold Group of Companieswhose business strength lies in providing Thai workers to work in other foreign countries particularly to countries in North Africa and Libya. Meanwhile, Silver and Gold Management Co., Ltd. imports foreign workers from the Laos, Cambodia and Myanmar who usually come to work in industrial factories and construction companies in Thailand. 
The group’s most recent company is Silver and Gold Engineering & Construction Co., Ltd. which is already registered in Libya to manage residential projects that are subcontracted by a company that granted the Libyan government concession. Silver and Gold Engineering & Construction Co., Ltd’s business partner has recently granted concession for residential projects with a value of about 2.2billion US dollars. The projects havebeen carried out and are expected to use over 6,000 workers. When Thai workers are not enough to handle with the project, someof them from the Philippines and Vietnam will be sent to make it successful.
After Libya’s war, MrChackritsaid that the Libyan government has invested vastly in the development of infrastructure system and residential projects to revive the country’s stability as quick as possible. Silver and Gold Group of Companiesresumes providing Thai workers to Libya with regard to workers’ safety as the country is still unstable due to social unrest.
“ We have sent Thai workers to work in Misratainnorthwestern Libya. The town is about 100 kilometres from the country’s capital and is one of the country’s economic cities.” Mr.Chackrit said
In addition to recruitment and employment services, Khun Jakkrit said Libya provides investment opportunities for investors in several sectors. Trading also shows high potential for growth. The Thai embassy in Libya has recently invited a group of Libyan business persons and the country’s private companies to study Thai products.
The president of Silver and Gold Group of Companiescontinued, Libya has area of almost 1,800,000 square metres and is the fourth largest country in Africa. The country has one of the highest per capital gross domestic products in Africa but it has only 6.4 million populations. Libya is one of the world’s 10 richest oil-producing countries as the country has large petroleum reserves. It’s a country with high purchase power.
“Before Gaddafi was expelled, the country was quiet and no cars on the street in Tripoli. But on my recent visit to the country on last month, the city is very busy and traffic congestion is increasing as people go shopping. They have high purchasing power. Almost all flightsfrom and to European countries were already booked as Libyans plan to go shopping in other countries .Mr.Chackrit said
Mr.Chackrit who has more than 30 years of experience having business in Libya encourages investors to invest in the country saying: “The country opens up to foreign business. I think now there is nothing to worry about. The country is now quite politically stable. Almost all Libyans are Sunni Muslims. They have the same branch of Islam so I think there would be no wars of religion.
On the end of war, Libya has its prime minister-elect. It’s under the process of writing a constitution that is expected to finish within the next two years.
“ Well, prime ministers, other ministers including president of European Union went to see the leader of Libyan government. That can imply that Libya now attracts the attention of powerful countries that are willing to have business in the country.” Mr.Chackrit said
In addition to recruitment and employment services, he said Libya offers opportunities in many sectors. The food industry, particularly halal products is obviously a predominant industry because food that is imported to Libya is required to have a halal certification mark. This givesa good opportunity for Thai exports of halal products to export their products to sell in Libya and other countries in North Africathat also want halal products.
“You know, Libya is close to many countries including Egypt, Algeria, Tunisia and Nigeria. And it takes about 1 to 2 hours from Libya to Europeancountries by plane.” he said
Mr.Chackrit said Silver and Gold Group of Companiesplans to have business expansion in ASEAN region, apart from their business in Libya. AsAsean Economic Community (AEC) is coming, Silver and Gold Management Co., Ltd. is preparing to migrate their workers particularly in public health sector including doctors, nurses, medical personnel to work in ASEAN countries. Under AEC memorandum of understanding (MOU) that is signed with its alliances, the company is able to migrate its workers to work in ASEAN countriesincluding the Philippines, Indonesia and Vietnam when AEC arrives. The company has offices in the aforementionedcountries. All foreign workers will be proactively trained in Thai language courses for not less than 3 months.
“Labour problems will be very serious in the near future. Skilled workforce is very important in the industrial sector particularly in the next two years when AEC arrives. “he said
In addition to recruitment and overseas employment services, Silver and Gold Pattana Group of Companies and Silver and Gold Group Co., Ltd. owns construction contract and trading businesses.
In the next decade, the president of Silver and Gold Group of Companies said that the group will strengthen its core business that is recruitment and employment services.
The group plans to have business expansion in construction contract in the long run. Silver and Gold Engineering & Construction Co., Ltd. aims to become one of the country’s best choices for construction services.
