Libya, a recent market of the month, is a country located in North Africa between Egypt and Algeria.  With the recent retraction of economic sanctions against Libya, this market now presents a promising outlet to U.S. companies.   Due to considerable oil and natural gas reserves, which the economy depends primarily upon, Libya claims a consumer market of almost 6 million.  High economic progress has occurred during the past few years mostly due to elevated oil export revenues.  

Potential Sectors

Other investment areas of particular growth and interest to U.S. companies include telecommunications, information technology, banking services, electric power generation, construction and engineering, health and medical services, wastewater treatment, desalination, agriculture technologies, transportation, tourism, education training, manufacturing, and tourism.  Since tourism is on the rise, the development of airports, like Tripoli International, is also very important.  Libya’s agricultural progress is a leading governmental concern since the country imports about 75% of its food. 

Challenges

Although Libya holds great potential, there are significant challenges to entering the market.  The legal structure is quite tricky, and its banking infrastructure is dated.  Telecommunication services and Libya’s physical infrastructure also are lacking.  Furthermore, travelers must be prepared for a shortage of high-quality hotels and extensive hold-ups when acquiring Libyan visas.

For those that are willing to surpass these challenges, this country can be quite prosperous.  To find out if you have potential in Libya check out the following websites or talk to your local trade specialist and discover the benefits of the U.S. Commercial Service.

For more information on Libya and its market, click here  

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