On Thursday, the Director General of the Libyan Customs Authority, Major General Suleiman Ali Salem, received a number of new administrative buildings from the Ministry of Transport at the Libya & Tunisia Ras Jdair land border crossing. Seven new lanes and four buildings were inaugurated during this event. Let’s take a closer look at what this opening means for businesses between Libya and Tunisia.

Positive Impact on Businesses

The opening of these buildings and lanes will have a positive effect on businesses in both Libya and Tunisia. The introduction of seven new lanes will allow for more efficient processing times, reducing wait times for travellers crossing the border. Additionally, all four of the new buildings are dedicated to helping facilitate smoother transitions across the border.

The customs building for passengers is designed to speed up passenger processing by offering separate lines for those with luggage and those without luggage. The housing building for customs members allows them to conduct their work more efficiently, while the building dedicated to Ports Management Centre is designed to improve coordination between all parties involved in handling cargo shipments.

Furthermore, this new infrastructure reaffirms Tunisia’s commitment to strengthening its relationship with Libya and facilitating trade between the two countries. This can only be beneficial for businesses that rely on exports or imports from either country.

Improved Security Measures

The additional infrastructure also brings improved security measures along with it. With seven new crossing lanes, there is an increased capacity to inspect cargo passing through the border crossing more thoroughly than before. This allows customs agents to detect any contraband or illegal goods that may be attempting to cross into either country illegally. In addition, improved surveillance technology has been installed at each lane which helps ensure that no one is attempting to pass through without going through proper security protocols first. 

Libya & Tunisia: Developing Better Relationships

The opening of these new buildings and lanes at the Libya-Tunisia Ras Jdair land border crossing marks an important milestone in strengthening relations between both countries while also improving efficiency for travellers and businesses alike. Not only will it reduce waiting times but also increase safety measures at the border crossing allowing people from both sides greater freedom when travelling back and forth across either country’s borders.

It is clear that this newly opened infrastructure will be extremely beneficial for those who rely on bilateral trade between Libya and Tunisia as well as those traveling back and forth across both countries borders regularly or temporarily in search of business opportunities or leisure activities respectively!

Success Through the ELTC

The Euro-Libyan Trade Center is a tremendous asset for the Libyan business community. Its primary mission is to foster the growth and development of Libyan companies outside of the nation, providing a much-needed bridge between these companies and their prospective European partners. The Trade Center has established strong links with businesses in both Libya and Europe, with its acclaimed work being recognized internationally.

Additionally, its efforts are now turning towards Tunisia, where it will soon be sending a delegation to expand its network even further. This could be an incredible boon for many companies looking to make contact with international partners, so we eagerly await the results of this ambitious journey.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    

Europe’s largest airline by passenger numbers, Ryanair, is in talks with authorities in Libya about operating flights to the countries for the first time, Chief Executive Michael O’Leary said on Tuesday. If these talks are successful, this would be a huge development not just for Ryanair but also for Libya which has been working hard to have the travel ban removed.

What This Could Mean for Libya

If Ryanair does begin operating flights to Libya, this would be a big win for the country which has been working hard to have the travel ban removed. Euro-Libyan Trade Center welcomes the interest shown by Ryanair during a time when many Libyan airlines, including Med Sky Air and Crown Airlines have acquired a variety of Airbus A320 aircraft.

Clearly, these are great developments in the journey towards removing the travel ban over Libya, an effort in which the Euro-Libyan Trade Center is playing a critical role.

What This Could Mean for Ryanair For Ryanair

This could mean increased customer loyalty as well as increased profits. It is no doubt that by adding Libya as a destination, Ryanair would be able to attract even more customers, particularly since Ryanair would be one of a very few airlines offering flights to Libya. Further, Ryanair is known for its low-cost fares, which could attract budget-conscious travelers who were previously hesitant to fly to Libya due to its high airfares.

Building Airbridges

Only time will tell if these talks between Ryanair and Libyan authorities are successful but if they are, it could be a major gamechanger for both parties involved. For Libya, it could mean increased tourism and much needed economic development. For Ryanair, it could mean increased profits and customer loyalty. Either way, we will be keeping a close eye on this story and will update as more information becomes available.

As the European Union prepares to lift its travel ban on Libya, the ELTC will be working to ensure that key stakeholders are aware of all relevant information. The ELTC plans to meet with European officials and provide them with insights that they may not have considered; thus, contributing to reduce the asymmetry of information between the EU and Libya.

In 2021, Libya’s economy is on the rebound, on the middle of an economic boom, growing at an unprecedented rate of 177.3%. The country has seen a large increase in hydrocarbon output, leading to investments and growth in household consumption. The banking system is still feeling the effects of conflict, but the outlook for economic growth remains positive.

Although the Libyan economy faces some challenges, it remains well positioned for continued growth in the coming years – and is well positioned to become one of the most important in Africa in years to come. Thanks to reforms and a diversification away from reliance on oil revenue, the country is well placed to take advantage of opportunities in the global economy. With a young population and favourable demographics, Libya is poised for a bright future.

The Economic Boom: Indicators

The strong growth in GDP in 2021 was driven by a large increase in hydrocarbon output, which resulted in higher investment and household consumption. This trend not only appears to be consolidating, but is also expected to continue growing as oil production rises. The fiscal balance recorded a surplus of 13.8% of GDP, and inflation is projected to stay elevated at 3.7% in 2022. The current account balance is also expected to improve, reaching a surplus of 5% of GDP by 2023.

Furthermore, the explorations of Eni and BP to start extracting gas from the Libyan mediterranian of a field larger to the Egyptian Zohr field will further consolidate this trend. Additionally, Libya expects oil revenues of between 35 and 37 billion dollars this year, the highest since 2013. This increase in revenue is likely to boost the Libyan economy further, as it will allow the government to invest in much-needed infrastructure projects. With its vast reserves of oil and gas, Libya is well positioned to become an even more significant player in the global energy market.

These trends are all positive indicators for the economy, and suggest that GDP growth will continue to be strong in the coming years.

A Growing Banking Sector

The banking system in Libya is still feeling the effects of conflict, but reforms are underway to improve the operating environment. In early 2021, the Libyan dinar was significantly devalued to harmonize the official and parallel market rates. Despite these challenges, the outlook for economic growth remains positive. The economy is projected to grow by 3.5% in 2022 and 4.4% in 2023.

A number of factors are driving this growth, including an increase in oil production and government investment in infrastructure projects. The banking sector is also expected to benefit from these trends, as increased economic activity will lead to higher demand for loans and other banking services.

However, the sector faces a number of challenges, including high levels of non-performing loans and a lack of trained staff. Nevertheless, the Central Bank of Libya is committed to reforming the sector and creating a more conducive environment for growth. These efforts are likely to pay off in the coming years, as the Libyan economy continues to expand.

Surfing the Libyan wave

If you’re looking for a country with a strong economy and plenty of opportunities for investment, Libya is a great choice. The country’s economy is on the rebound, with businesses booming. Although there are still some challenges that need to be addressed, such as the banking system’s operating environment, the overall outlook for economic growth remains positive.

The Euro-Libyan Trade Center is committed to helping create a stronger economy, and its efforts are instrumental in making change happen.

If you’re looking to invest in Libya, now is the time! With the country’s economy showing signs of strength and renewed growth potential, you can be confident that your investment will pay off.

Contact the Euro-Libyan Trade Center today to learn more about investing in Libya.

The United Nations Development Programme (UNDP) and Tatweer Research have agreed to launch a new business start-up accelerator initiative in Tripoli, Benghazi, and Sabha. The initiative is aimed at creating new businesses and generating jobs for hundreds of youths as a critical component of building peace in Libya.

Innovative Businesses Ideas to be Supported

The accelerator program will support innovative businesses ideas, help build new market linkages, identify market niches, build relationships with partners and investors, and increase access to capital across the country. The initiative also contributes to UNDP’s efforts to upscale institutional capacities with the Ministry of Local Government and its resolution to create Business Incubators and Accelerators.

The launch of the business start-up accelerator is a part of UNDP’s Local Peacebuilding and Resilience Programme. Through this programme, UNDP hopes to provide much-needed support to entrepreneurs in Libya so they can develop their business ideas and contribute to the country’s economic growth and stability.

UNDP Resident Representative, Marc-André Franche underlined the importance of job creation for youth in local peacebuilding efforts. He expressed encouragement at this new partnership between Tatweer Research and UNDP that will help entrepreneurs grow their businesses into sustainable employment opportunities.

Start-Ups Accelerators and Entrepreneurship as the Future

Libya is a country in need of economic development and stability, and entrepreneurship can provide both. By starting businesses, entrepreneurs take risks to create products and services that Libyan consumers may need or want. This not only diversifies the economy, making it less reliant on oil revenue, but also creates jobs. In a country with high unemployment rates, this is critical.

Entrepreneurship also helps to develop new skills and knowledge among the Libyan people – business owners have to be creative and innovative in order to succeed. This type of thinking can spill over into other sectors of the economy, helping to drive overall growth. For all these reasons, entrepreneurship is a critical component in creating stability and economic prosperity in Libya – and the Euro-Libyan Trade Center supports this initiative.

Contributing to a Better Tomorrow

The new business start-up accelerator initiative in Libya is a welcome development that will help create new businesses and generate jobs for hundreds of youths. This will in turn contribute to building peace in the country. We hope that other countries in the region will follow suit and launch similar initiatives to support entrepreneurship and promote economic growth.

According to the chairman of Libya’s National Oil Corporation (NOC), Farhat Bengdara, the country has concluded an agreement with Eni and BP to start drilling and producing gas in the Mediterranean. Bengdara was speaking to Sky News Arabia during his participation in the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC) last week.

The gas field from which Eni and BP will start production is similar to the Egyptian Zohr field, but it is larger, he further added. Bengdara revealed that Libya expects oil revenues of between 35 and 37 billion dollars this year, the highest since 2013. He said the country’s proven gas reserves exceed 80 trillion cubic feet but that the sector needs new investments of US$ 4 billion annually to maintain the volume of oil production.

Libya’s Oil Reserves and Revenue

Libya has the largest oil reserves in Africa and is a major player in the global oil market. The country’s proven oil reserves are estimated at 48 billion barrels, while its proven gas reserves are estimated at 1.6 trillion cubic feet. In 2019, Libya produced an average of 1.28 million barrels of oil per day.

In recent years, Libya’s oil production has been impacted by political instability and conflict. However, with a return to peace and stability, the country’s oil sector is now beginning to rebound. Bengdara’s comments suggest that Libya is open for business and is keen to attract foreign investment in its energy sector.

The news that Libya has concluded an agreement with Eni and BP to start drilling Libyan Waters and producing gas is a positive sign for the country’s economy. With a proven reserve of 80 trillion cubic feet of natural gas, Libya has the potential to become the major player in the Mediterranean energy market. Foreign investment in Libya’s energy sector will be crucial in order for the country to achieve its full potential.

The ELTC: Instrumental Player to Libya’s Future

The Euro-Libyan Trade Center is a key player in the development of the Libyan oil sector and has been instrumental in helping companies establish themselves in Libya and providing support for their growth.

The Trade Center is committed to continue supporting the development of the oil sector and remains dedicated to helping companies expand their operations in Libya. In addition to its work with the oil sector, the Trade Center is also involved in promoting trade and investment between Libya and Europe – whilst working closely with both governments and businesses to create opportunities for cooperation and mutual benefit.

As a result of its efforts, the ELTC has helped to create an environment that is conducive to economic growth and development whilst making it an important part of the Libyan economy and plays a vital role in promoting prosperity in the country.

On November 22nd, Libyan Railways will hold a workshop at which the international federation will be present, providing assistance and expertise to resolve any problems that may arise. Through seminars organized by the International Federation, the International Federation contributes to the rehabilitation of the technical staff. The euro-libyan trade center supports this innitiative.

Libyans Take a Huge Step Forward

This is a huge step forward for Libya, whose railway system has been in disrepair since 2011. The workshop is an opportunity for the country to get back on track, improve its infrastructure and start building a railways system. With the help of the international community, Libya can begin to rebuild its economy and provide better opportunities for its citizens.

The proposed workshop on railway development in Libya is a welcome sign of the country’s commitment to reforming its infrastructure and reviving its economy. The participation of representatives from various countries will provide valuable insights into best practices for railway development.

Moreover, it will be an opportunity for Libya to showcase its progress in rebuilding after years of conflict and instability. The international community is eager to help Libya in its efforts to recover, and this workshop is an important step in that process.

Rebuilding the Railways System

The workshop will cover a wide range of topics, including railway safety, maintenance, and operations. The goal is to provide Libyan Railway officials with the knowledge and tools they need to improve their system. In addition, the seminar will also offer guidance on how to develop a long-term plan for the future of Libyan railways.

This is a major event for Libya and it represents a significant step forward in the country’s development. With the help of the international community, Libya can begin to rebuild its infrastructure and create new opportunities for its citizens.

Brightening the Future

Libya has been through a lot in recent years. The country has been plagued by civil war and instability, which has taken a toll on its economy and infrastructure. However, there is hope for the future.

The Euro-Libyan Trade Center is supporting this workshop on Libyan railways, which is a great opportunity for the country to get back on track. With the help of the international community, Libya can begin to rebuild its economy and provide better opportunities for its citizens.

The workshop will focus on ways to improve Libyan railways and make them more efficient. It will also discuss the construction of a new tram in Tripoli, which would help to improve transportation in the city.

This is an important step for Libya, and it is hoped that it will lead to more progress in the future.