David Parks is a well known author and has written articles on SME News India and Products Catalogue, suppliers, Manufactures and many other subjects.
Libya has a socialist-oriented economy and depends heavily on the petroleum sector, which contributes around 95% of the country’s export earnings and over half of GDP growth. With the Libyan government’s adoption of liberal economic reforms and emphasis on diversification in 1990s, the country witnessed steady economic growth.
Moreover, in 2003 with the United Nations (UN) lifting the unilateral sanctions and Libya promising to abandon programmes to build weapons of mass destruction, the country’s economy picked up further with investments from foreign players increasing significantly. As a result, Libya’s current conducive business environment is attracting Indian SMEs to aggressively foray into this North African nation.
Trade relations
The 2-day Indo-Libya Joint Commission meet and Libya lifting the ban on Indian tea imports in 2002-03 played a major role in reviving the bilateral trade relation between the two countries, after it plummeted deeply since 1995-96. In 2008-09, total trade turnover between India and Libya stood at US$661.25 million, as against US$220.91 million in 2006-07.
Indiaexports non-galvanised pipe for the oil sector, towers for transmission line, tractors, transformers, woven fibres, pharmaceuticals,mango pulp,tea and coffee, among others to Libya.Alternately, Libya exports petroleum oil and oil obtained from bituminous minerals crude, methyl alcohol, urea and parts of gas turbines to India.
Growth sectors
Indian SMEs that are keen to venture into the Libyan market and expand their foothold can enter into collaboration with their Libyan counterparts in sectors such as telecom, power and hydrocarbon. Libya also holds good prospects for Indian SMEs in the infrastructure sector, especially railways, aviation and shipping.
Furthermore, Indian SME can also enter into sectors such as agriculture and tourism.
Recent initiatives
India and Libya signed an Agreement on Bilateral Investment Promotion & Protection (BIPA) to promote and protect investments of both the countries. Apart from this, in August 2002, Oil and Natural Gas Corporation (ONGC) of India, through its overseas arm ONGC Videsh, signed an agreement with the Turkish Petroleum Overseas Company Limited to buy 49% stake in two on-land oil and gas exploration blocks in Libya.
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