Libya-Looking Towards the future

In the past few years we can see that Libya is expanding in the business sector in general. Governmental institutions are now starting a new approach for restoration and growth of the national economy.

New policies have now entered the Libyan law concerning economy to allow freedom and liberation of trade and services and also to achieve removal of monopoly centers and making opportunities for competition between private companies and many more.

Foreign and private companies are now increasing in Libya and many more will start investing too. This creates a transfer of new technology brought by the international companies and most important of all more employment opportunities for Libyans.

Crude petroleum and natural gas are by far the leading exports; the main imports for Libya are machinery, transport equipment, food stuffs, perfumes, cosmetics and manufactured consumer goods. However there is an acknowledged need to maximize income from non-oil sectors of the economy. The principal trading partners with Libya at the moment are Italy , Germany , Great Britain , Malta , Syria , Spain , France , Turkey , Arabian countries and Far East .

Tourism will indeed become Libya 's second largest investment, oil being the first. Sights such as the Roman ruins in Sabratha and Leptis Magna all require new tourist resorts and hotels. New hotels will be constructed in cities such as Tripoli , Benghazi , Sebha and Shahat ( Cyrene ). By 2010, Libya expects to have 1 million tourists a year, more than triple the current number.

Building of shopping centers and making new highways to connect more cities and neighboring African countries to each other are the priority of Libya 's new plans.

Banks in Libya have been making great progress in the past four years. Libya has stated stock exchange under care and under supervision of the Central Bank of Libya .

Many private banks such as Aman Bank, Waha Bank and Bank of Commerce and Development are becoming popular in many cities.

Banks like these have also been issuing Credit cards in the past year

It is however difficult to find ATM machines, but recently more have been installed in Tripoli . Western Union is becoming quite popular too; people can now send money transfers in one minute to any country.

Recently many banks are giving out loans so private businesses will develop.

Foreign banks have not yet been opened in Libya ; rumour has it that HSBC will be opening a branch as soon as the Central Bank of Libya gives the license to open foreign banks in Libya . There are many foreign representative banks in Libya such as the British Arab Commercial Bank and the Maltese bank, Bank of Valletta.

Construction of buildings is now booming in Libya . This gives a sign of building more commercial stores for retail.

Libya is looking towards the future steadily all it needs is to stimulate the private sector and make sure it succeeds, so that more employment opportunities are created and better chances arise for local and foreign investors.