Tripoli - 15/12/2017

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Investment Opportunity

The Libyan economy depends primarily on revenues from the oil sector, meaning practically all export earnings and about one-quarter of GDP come from this sector. These oil revenues and a small population give Libya one of the highest per capita GDPs in Africa. Libya in the past three years has made progress on economic reforms as part of a broader campaign to reintegrate into the international fold. This effort picked up steam after UN sanctions were lifted in September 2003. Libya is ahead in liberalizing the economy; initial steps - including applying to WTO membership, reducing some subsidies, and announcing plans to privatisation - are laying the groundwork for a transition to a more market-based economy.

The yearly output of petroleum in Libya exceeds 500 million barrels per year, while the amount of natural gas reaches 10.3 billion cubic meters. Libya has a large production of refined products and construction materials.

The non-oil manufacturing and construction sectors, which account for about 20% of GDP, have expanded from processing mostly agricultural products to include the production of petrochemicals, iron, steel and aluminium. The more popular craft items are carpets, pottery, leather goods, fabrics, and copperware.

The main partners are Italy, making up about 40% of the export market and 18% of the imports, Germany with 20% and 12%, Britain with 6,5% and 3%.

Arable land in Libya is estimated at more than 2 million hectares, in addition to over 13 million hectares of pastureland.

Agriculture represents about 5% of the total GDP and is mainly producing for the domestic market, but as much as 15-20% of the population is engaged in this sector. Output includes wheat, barely, olives and dates.

Regarding livestock, sheep dominate, counting about 5.6 million. There are about 1.3 million goats, 140,000 cattle, 160,000 camels and 60 million poultry. The most important region for agriculture is Libya is in Tripolitania, but with the construction of the Great Man-Made River, eastern provinces are projected to have increased agricultural output in the years to come.

With a coastal line of 1800 km of clean pollution-free seawater, experience and marine research have indicated ample quantities of white fish and tuna. Local marine environment is naturally suitable for aquaculture investment projects. The unexploited sea sponge and coral reserves represent other interesting areas for marine investments.

A little-known - or poorly-known - heritage, preserved partly by the absence of tourism and offering an array of treasures, has observed the rise and fall of brilliant and sophisticated civilizations on this vast territory. Dating from prehistory to Islamic civilization, it is a clear illustration that Libya has a heritage whose incalculable value belongs to all humanity.

 

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