your platform to libya
VisionTo be a company of excellence providing advice, consultancy and other services to international companies about Libya. MissionTo provide excellent, in-depth and up-to-date consulting and advisory services about the Libyan market to international companies. |
However, other sectors of Libya’s economy, such as agriculture, construction, health, industry, telecoms, and tourism are also experiencing growth, with more contracts covering a variety of all sectors. There are plans set by the government to privatise industry, develop defence capabilities, encourage tourism, improve healthcare, expand financial and legal services and present a wide range of businesses and investment opportunities for foreign companies.
After decades of a centralised economy experiment, the top agenda of the Libyan government is to reform its economy and liberalise its markets and privatise state assets.
The country is currently enjoying the benefits of changes of policy which it underwent, with billions of dollars of investment deals signed so far and many more coming since the lifting of sanctions, and the country is well on its way towards achieving its aim of becoming a leading destination for foreign direct investment (FDI).
As part of its reform policy and to attract foreign direct investment, Libya has been enacting various laws . Chief among these has been Foreign Investment (Law No. 5) which encourages foreign investors to enter Libya and creating a one-stop-shop for foreign investors. Libya continues to attract international investment which makes it an attractive market.
Libya is also close to Europe, it is a huge consumer market and at the same time a source of supply. Its location too makes it ideal transit zone for companies seeking to export to Africa.
In simple words, Libya is going through a complete makeover and it’s the right time you go there!
General Information
Name: Libya is officially called the Great Socialist People's Libyan Arab Jamahiriya
Government type: Jamahiriya (a state of the masses), in theory, governed by the populace through local councils (baladiyat).
Capital: Tripoli
Location: Libya is located in the centre of Northern Africa, Mediterranean Sea (North), between Egypt (East), Tunisia & Algeria (West), Niger & Chad (South) and Sudan (South East)
Religion: All Libyans are Muslims. There are also churches and place of worship for the foreigners who are estimated to be more than one million living in Libya.
Population: Libya’s population according to the latest statistic of 2006 is estimated to be 5,673.000 million in total, Libyans forms 5,323.00, and the rest are foreigners of 350.00, and said to be growing a rate of 3.5 per cent, one of the highest population growth rates in the world, more than 85 percent of population live along the Mediterranean coast.
Area: total: 1,759,540 sq km (680.000 sq miles) land: 1,759,540 sq km water: 0 sq km, and more that 1,770.00 km.
Area - comparative: Libya is the fourth largest country in Africa, seven times the size of the UK, and slightly larger than Alaska
Land boundaries: total: 4,348 km border countries: Algeria 982 km, Chad 1,055 km, Egypt 1,115 km, Niger 354 km, Sudan 383 km, Tunisia 459 km
Climate: Mediterranean along coast; dry, extreme desert interior. (The cooling Mediterranean sea gives Libya mild winters and warm summers, with a pleasant range of temperatures throughout the year between 8 C and 30 C (46-86F), it may sometimes climb over 35 C (95F) in summer. As more that 90 percent of Libya is arid desert or semi-desert, winter and spring temperature in the desert can rise to 25 C (77 F), but it can drop to below freezing overnight. In summer it can reach 50 C (122 F). The highest temperature ever recorded was in Libya (at El Azizia [or Al Aziziyah]), the temperature reached 58°C (136° F) recorded on 13 September 1922.
Natural resources: petroleum, natural gas, gypsum
Environment - current issues: Desertification; limited natural fresh water resources; the Great Manmade River Project, the largest water development scheme in the world, is being built to bring water from large aquifers under the Sahara to coastal cities.
Geography - note: More than 90% of the country is desert or semi desert.
Head of state: Colonel Muammar Al Qadhafi (Gaddafi), 'Leader of the Revolution (de facto Head of State).
Prime Minister: Dr Al-Baghdadi Ali al-Mahmudi.
Foreign Minister: Musa Kousa
National Day: 1st Sep (1969)
Legal System:
The Libyan legal system is a civil law system similar to that of France, like others, there is a hierarchy of legislative texts with, in descending order of authority, the constitutions, laws, executive regulations and executive and ministerial decisions.
In absence of applicable legal provisions, a judge refers to other source of law and will apply the following principles
- Islamic law (Shari’a)
- Prevailing custom
- Principles of natural law and rules of equity
Laws are issued by the General People’s Congress; executive regulations and executive decisions are issued by the congress and by the General People’s Committee; and ministerial decisions are issued by the individual.
Currency: Dinar.
Exchange rate: £1 = 2 Libyan dinar (Est.)
Languages: Arabic is the official language. Italian and English are widely understood in the major cities.
Cities of Libya: Libya was divided into several governorates (muhafazat) before being split into 25 municipalities (baladiyat), Currently Libya is divided into thirty two sha'biyah.
| 1 Ajdabiya 2 Al Butnan 3 Al Hizam Al Akhdar 4 Al Jabal al Akhdar 5 Al Jfara 6 Al Jufrah 7 Al Kufrah 8 Al Marj 9 Al Murgub 10 An Nuqat al Khams 11 Al Qubah 12 Al Wahat 13 Az Zawiyah 14 Benghazi 15 Bani Walid 16 Darnah | 17 Ghat |
Economy:
Libya is a major oil producer, with the oil sector contributing practically all export earnings and over one-quarter of GDP. Libya has begun a process of economic reform. Efforts are being made to modernise the economy as part of a broader campaign to reintegrate with the international community. Initial steps include applying for WTO membership, cautiously reducing subsidies, and announcing plans for privatisation. 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. Libya imports about 75% of its food.
GDP: $57.1 (2007)
Real GDP Growth: 5.8% (2007)
Inflation: 6.3% (2007)
GDP/Capita: $9,372 (2007)
Major Industries: Oil and gas, petrochemicals
Major trading partners: Italy, France, Germany, Turkey, Spain and the UK.
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