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Business Profile
Economy: Oil and gas-related industries account for the bulk of Libya’s economy; 95 per cent of export earnings come from oil. The high quality of Libyan oil has produced strong demand from consumers so that, despite relatively small reserves (compared to Saudi Arabia and Iran), Libya has been able to sustain high production levels of around 1.5 million barrels per day. The recent discovery of large deposits is a further bonus. Oil revenues have enabled the Government to build up the country’s economic infrastructure virtually from scratch since the early 1970s. However, low world oil prices and UN sanctions brought the economy to a virtual standstill during the 1990s, undermining economic development and forcing the cancellation of a number of large projects. By 2003, though, the Libyan Government’s rapprochement with the international community seems set to ease the situation.
Outside the oil and gas industry, agriculture is almost entirely geared to domestic consumption: animal husbandry is the most important part of this, but crops including barley and wheat are also grown in the country’s few fertile areas. An industrial sector producing petrochemicals, iron, steel and aluminium has also been developed.
Libya is a member of the Arab Development Bank, the Union of the Arab Maghreb and various other pan-Arab economic organisations. It is also a member of the Organisation of Petroleum Exporting Countries (OPEC). Italy and Germany are Libya’s major trading partners.
Business: Shirt sleeves are acceptable business wear in hot weather. Suits and ties are worn for more formal occasions. Most business dealings take place with state organisations and English is often understood. It is, however, government policy for official documents to be in Arabic (or translated into Arabic) and for official business to be conducted in Arabic. Business visitors need to be fully prepared for this. Appointments are necessary and business cards are useful, though not widely used. Hours for businesses and government offices fluctuate, but the working day starts early. Office hours: Generally Sat-Wed 0700-1400.
Commercial Information: The following organisation can offer advice: Tripoli Chamber of Commerce, Industry and Agriculture, PO Box 2321, Sharia al-Fatah September, Tripoli. Tel: (21) 333 3755. Fax: (21) 333 2655.
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