Libya Business News
Friday, January 27, 2023
  • Security
  • Oil & Gas
  • Industry
  • Politics
  • Construction
  • Finance
  • Tenders
  • Transportation
  • Videos
No Result
View All Result
Libya Business News
  • Security
  • Oil & Gas
  • Industry
  • Politics
  • Construction
  • Finance
  • Tenders
  • Transportation
  • Videos
Libya Business News
No Result
View All Result
Home Industry & Trade

Libyan Hopes Pinned on Private Sector

19th February 2014
in Industry & Trade
Libyan Hopes Pinned on Private Sector
Share on FacebookShare on Twitter

According to a report from AFP, small businesses are prospering in Libya’s major cities even as the economy at large is being throttled by the security problems and industrial action which has hit oil revenues.

Chamber of commerce chief, Idriss Abdelhadi, said:

“These investments [in shops and boutiques] are thanks to partnerships with foreign investors ...

“[Such joint ventures have] promoted investment in the private sector at a time when the oil crisis has slashed the state budget, not allowing spending on planned development projects.”

Economic experts, however, stress that trade and services play a secondary role in the overall Libyan economy, with only little value added; the oil sector accounts for 70% of GDP, 95% of state revenues and as much as 98% of Libyan exports.

The World Bank recently stressed “the urgent need for economic diversification in order to ensure long-term financial and economic stability”, calling for reforms “to generate a vibrant private sector”, warning that “lack of access to financing, uncertainty in the legal environment and a fragile security situation” were key obstacles.

Ahmed Belras Ali, director of Libya’s stock market, warned of “a climate of fear among businessmen”.

“The stock market has lost an estimated 30% of its value because of falling share prices,” he told AFP.

Ali said hopes were pinned on the private sector, “which can serve as an engine of the economy, what with the current weakness of state structures”.

(Source: AFP)

(Entrepreneurship image via Shutterstock)

Tags: entrepreneurshipPrivate Sector

Latest News

Enterprise Greece Delegation in Libya to Develop Bilateral Business Ties

Enterprise Greece Delegation in Libya to Develop Bilateral Business Ties

4th October 2021
Dbaiba Meets with Eni's CEO Descalzi to Discuss Areas of Cooperation in Libya

Dbaiba Meets with Eni's CEO Descalzi to Discuss Areas of Cooperation in Libya

22nd March 2021
Latest Oil Tenders

Latest Oil Tenders

16th March 2021

Recent News

Enterprise Greece Delegation in Libya to Develop Bilateral Business Ties

Enterprise Greece Delegation in Libya to Develop Bilateral Business Ties

4th October 2021
Dbaiba Meets with Eni's CEO Descalzi to Discuss Areas of Cooperation in Libya

Dbaiba Meets with Eni's CEO Descalzi to Discuss Areas of Cooperation in Libya

22nd March 2021

Categories

  • Security
  • Oil & Gas
  • Industry
  • Politics
  • Construction
  • Finance
  • Tenders
  • Transportation
  • Videos

Menu

  • Home
  • About Us
  • Contact

Join our mailing list!

Sign-up to receive email updates on the latest news and developments.





© 2021 Libya Business News - Your Libyan business news partner

No Result
View All Result
  • Security
  • Oil & Gas
  • Banking & Finance
  • Politics
  • Industry & Trade
  • Construction & Engineering
  • Investment
  • Tenders
  • Transportation
  • Videos
  • Contact Us

© 2021 Libya Business News - Your Libyan business news partner

We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “I Agree”, you consent to the use of ALL the cookies.