Libya Business
• Main exports: Crude oil, petroleum products, natural gas and chemicals.
• Main imports: Machinery, semi-finished goods, food, transport equipment and consumer products.
• Main trade partners: Italy, Germany, Spain, USA and Tunisia.
Economy
Improvements came after UN sanctions were lifted in 2003 as Libya announced that it would abandon plans to build weapons of mass destruction. Almost all USA sanctions against Libya were removed in 2004, helping Libya attract more foreign direct investment, mostly in the energy sector.
Libya's biggest challenge is to liberalise the socialist-oriented economy. Climatic conditions and poor soils severely limit agricultural output, and Libya imports about 75% of its food.
Unemployment stood at 30% in 2004, while inflation in 2008 was estimated at 10.5% and growth at 6.3%.
Business Etiquette
Office hours: Sat-Wed 0700-1400 (summer) and 0800-1600 (winter). Private businesses and shops operate differently and are usually open later. During Ramadan, working hours are different and businesses are usually opened after sunset.
Business Contacts
PO Box 2321, Tripoli, Libya
Tel: (21) 333 3755.
Benghazi Chamber of Commerce, Trade and Industry
PO Box 208, Sharia Gamal Abdul-Nasser, Benghazi, Libya
Tel: (61) 909 5142.
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