Libya Connected releases new information of the state of health of the Libyan economy
February 2, 2006 (Press Release) --
Libya Connected – The fastest growing Libyan website
Libya Connected (http://www.libyaconnected.com) began by one keen individual seeking to create a place in which caters to the needs of the internet commuters who thirst to know more about this developing nation of Libya.
The website has many excellent features such as the forum (http://www.libyaconnected.com/forum) and the directory of Libyan websites (http://www.libyaconnected.com/directory) has also released a new article about the state of economy in the country.
Before the discovery of oil in Libya, the country was a very poor agricultural nation with bleak economic prospects. But in 1958 when petroleum was discovered 200–300 miles (320–480 km) S and SE of the Gulf of Sidra, a new hope for economic prosperity was underway. When oil production & exports begain in the 60's through the 90's Libya changed from being one of the poorest nations of the world to one of the wealthiest, with a GDP per captia that even reviled that of Great Britain.
Much of the income from petroleum was used to improve the cities, to modernize transportation, and to build up the military. The resulting migration of Libyans to urban areas created a growth in unemployment, spurring the government to invest in agricultural development in order to make farming more attractive. Although petroleum production has dropped since the 1970s, oil exports continue to generate a substantial percentage of the country's GDP. Libya is also a major exporter of natural gas and has several large gas liquefaction plants.
Though oil is Libya’s largest industry and accounts for much of the country’s GDP, gypsum, salt, limestone, petrochemicals, food processing, textiles, construction materials, carpets, leather, handicrafts, iron, steel, aluminium, cement, tuna, and sardines are all produced in significant quantities. Agriculture is Libya's most important non-oil sector of the economy. Most of the agricultural activity takes place in the coastal regions, though crops are also grown at the larger oases and in the highlands of Jebel Nefusa. Libya's main crops are olives, dates, figs, almonds, citrus fruits, wheat, and barley. The livestock is mainly sheep, goats, cattle, and chickens while camels are important assets in the desert region
Libya's main concern in recent years has been the Great Man-made River Project, the world's largest civil engineering scheme. This huge project which began in 1984 (which will take twenty-five years to complete) will bring water from underground natural reservoirs in the south to the desert's edge in the north and to the towns and villages along the route. The project will provide water for irrigation schemes which will greatly increase the amount of land under cultivation. Visit the Great Man Made website (www.gmmrwua.com) for more information
Libyan officials in the past four years have made progress on economic reforms as part of a broader campaign to reintegrate the country into the international fold. This effort picked up steam after UN sanctions were lifted in September 2003. Almost all US unilateral sanctions against Libya were removed in April 2004, helping Libya attract more foreign direct investment. Libya faces a long road ahead in liberalizing the economy but initial steps - including applying for WTO membership, reducing some subsidies, and announcing plans for privatization - are laying the groundwork for a transition to a more market-based economy.
For additional information please visit http://www.libyaconnected.com
Libya Connected (http://www.libyaconnected.com) began by one keen individual seeking to create a place in which caters to the needs of the internet commuters who thirst to know more about this developing nation of Libya.
The website has many excellent features such as the forum (http://www.libyaconnected.com/forum) and the directory of Libyan websites (http://www.libyaconnected.com/directory) has also released a new article about the state of economy in the country.
Before the discovery of oil in Libya, the country was a very poor agricultural nation with bleak economic prospects. But in 1958 when petroleum was discovered 200–300 miles (320–480 km) S and SE of the Gulf of Sidra, a new hope for economic prosperity was underway. When oil production & exports begain in the 60's through the 90's Libya changed from being one of the poorest nations of the world to one of the wealthiest, with a GDP per captia that even reviled that of Great Britain.
Much of the income from petroleum was used to improve the cities, to modernize transportation, and to build up the military. The resulting migration of Libyans to urban areas created a growth in unemployment, spurring the government to invest in agricultural development in order to make farming more attractive. Although petroleum production has dropped since the 1970s, oil exports continue to generate a substantial percentage of the country's GDP. Libya is also a major exporter of natural gas and has several large gas liquefaction plants.
Though oil is Libya’s largest industry and accounts for much of the country’s GDP, gypsum, salt, limestone, petrochemicals, food processing, textiles, construction materials, carpets, leather, handicrafts, iron, steel, aluminium, cement, tuna, and sardines are all produced in significant quantities. Agriculture is Libya's most important non-oil sector of the economy. Most of the agricultural activity takes place in the coastal regions, though crops are also grown at the larger oases and in the highlands of Jebel Nefusa. Libya's main crops are olives, dates, figs, almonds, citrus fruits, wheat, and barley. The livestock is mainly sheep, goats, cattle, and chickens while camels are important assets in the desert region
Libya's main concern in recent years has been the Great Man-made River Project, the world's largest civil engineering scheme. This huge project which began in 1984 (which will take twenty-five years to complete) will bring water from underground natural reservoirs in the south to the desert's edge in the north and to the towns and villages along the route. The project will provide water for irrigation schemes which will greatly increase the amount of land under cultivation. Visit the Great Man Made website (www.gmmrwua.com) for more information
Libyan officials in the past four years have made progress on economic reforms as part of a broader campaign to reintegrate the country into the international fold. This effort picked up steam after UN sanctions were lifted in September 2003. Almost all US unilateral sanctions against Libya were removed in April 2004, helping Libya attract more foreign direct investment. Libya faces a long road ahead in liberalizing the economy but initial steps - including applying for WTO membership, reducing some subsidies, and announcing plans for privatization - are laying the groundwork for a transition to a more market-based economy.
For additional information please visit http://www.libyaconnected.com
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