Libya – An Unparalleled Investment Opportunity
Libya starting 2013 and after stepping into the democratic life identified as an important economy in terms of growth and economic viability due to the country’s:
▪ Strategic geographical and market location.
▪ Availability and Low energy costs.
▪ Attractive foreign investment incentives.
▪ Democratic political stability and Absence of religious or ethnic tensions.
Libya’s substantial revenues from the energy sector, coupled with a small population, make it among the countries with the highest real GDP per capita on the African continent. Libya is an OPEC member and holds the largest proven oil reserves in Africa. Following the removal of sanctions in 2006, Libya has attracted greater foreign direct investment, especially in the energy sector, which draws high international interest.
Libya is also in the process of entering the World Trade Organization, with the adoption of a new customs system, as well as the implementation of new laws and regulations for the purpose of attracting foreign investments. The signing of an economic and political cooperation agreement been made with the European Union and the USA will further increase foreign interest and direct investment in Libya.
Libya’s financial sector largely escaped the financial crisis with credit growth remaining relatively high. The domestic, bank-based, financial system is largely state-owned and remains well capitalized and highly liquid.
Libya and after the Feb.17th. revolution, stepped into the democratic world and will no dought make significant economic changes resulting for adopting its laws and regulations to the world business like (open market), as well activating the privatization of all sectors of its economy. This move to privatize an almost entirely public owned economy has not only created great challenges but has presented greater opportunities.
Libya historically has been a bridge between Africa, Europe and Asia. It has now reinforced this role by becoming a major hub for air / ground traffic between Europe and Sub-Saharan/West Africa.
Libya is an important member of the African Union. It is also a member in Community of Sahel-Saharan States as a leading political group is composed of 27 African countries.