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BUSINESS RESOURCES
The Libya Foreign Investment Board. The Board was established under the provisions of Article 5 of Law No. 5 of 1997 for promotion of investment of foreign capital. The law entrusted the Board with the responsibility for application thereof in all fields allowed for investment.
"The Libya Infrastructure Report 2010” produced by www.companiesandmarkets.com was published on Feb 3rd. It notes that 2009 saw expansion in the utilities and water sanitation sectors. However, the trend of growth in the construction sector was blunted by the global financial crisis but is expected to rebound and grow dramatically from 2010-2014. Read a summary of this report or access the whole report by clicking here.
Oxford Analytica published on February 2nd, 2010 a study on the state of the business environment in Libya. The study focuses on the linkages between Libyan geo-politics and the obstacles Western businessmen face in their dealings with Libya. The more noteworthy points that arise from these linkages are: 1.) That businessmen from key economic and strategic partners such as Italy, the United States, the United Kingdom and France have an advantage as Libyan authorities are hesitant to alienate policy makers in those countries. 2.) The importance of intimate knowledge of the existing Libyan legal environment, and especially Law 5. Foreign business can resort to the Libyan law to protect their interests.
Read an abridged version of this study available on Forbes.com. (The complete study. Note: membership at Oxford Analytica is required to access the unabridged version.)
From the World Bank:
- The most recent Libya Country Brief, compiled in September 2009. It touches on Libyan economic performance and political reforms. Moreover, it discusses the World Bank's own activities in Libya. Available as a pdf for download here or from the World Bank website.
- The World Bank released on October 3, 2009 its analysis of the global financial crisis on the Middle East and North Africa. This report is entitled 2009 MENA Economic Developments and Prospects: Navigating through the Global Recession and is available here in both its full and abridged formats, or from the World Bank website. Noteworthy points from this report are that:
- Libya is the ONLY COUNTRY IN THE WHOLE MIDDLE EAST WITH 0.0 BILLIONS DOLLARS OF DOCUMENTED FDI IN EVERY YEAR OF THE DECADE. Even Yemen, Bahrain, Iran, or Djibouti have more FDI every year. And on the other hand, Libya has the most months of import cover due to its foreign currency reserves of any country in the region.
- The World Bank supports Libya’s progression from observer status to full-member status at the WTO. In the press the benefits of this process have been described thusly, “The Libyan government's goal of joining the World Trade Organization (WTO), which has forced it to deregulate and open up its market more to the outside world….” To read more click here.
From the IMF:
- The IMF’s most recent article about the state of the Libyan economy.
- The IMF’s general press release about the state of the Middle Eastern economies as a result of the financial crisis.
From the US Government:
- The Department of Commerce’s Libya webpage contains the contact information for the U.S. Commercial Service office in Tripoli. Its links maintain up-to-date information about Department of Commerce events concerning Libya and country specific information. We strongly recommend the Libya Country Commercial Guide for anyone seeking to navigate the Libyan business environment. A updated guide is set to be released in March of 2010.
The CIA fact book’s demographic information concerning Libya.
www.Libyaninvestment.com: This site seems to be a nexus for employers and employees inside Libya. It also keeps track of business and political events that are happening in Libya. Although it has an informal and space-age appearance, it is a serious site and membership costs 600 Euros.
AME info: An Emirates-focused site that keeps track of all the latest happenings in Middle East business, especially in the IT sector. The Maghreb is not covered. However, AME is still very useful as it tracks trends for each industry sector in the Middle East as a whole. The site is akin to a Wall Street Journal for the Middle East.