Modern-day Libya at a crucial crossroads - (May 18, 2004)

On May 18, a number of US Embassy personnel spoke to an off-the-record meeting about doing business in Libya based on their recent visits to the country. Attendance was restricted to AmCham members.

Although an embassy staffer gave an overview of the security situation, most of the meeting was dedicated to highlighting sectors in which there are extensive investment opportunities, namely in tourism and in the development of infrastructure, including that for ports.

Some attendees also suggested that opportunities for the export of low-priced foodstuffs and ready-made garments were also extensive.

Business travellers need to be aware that credit card use is extremely limited and visitors reported that they did not see any automated teller machines for banking. Similarly challenging are telecommunications, as coverage by the GSM network is limited. Vodafone offers roaming services in some areas, one attendee noted. Others recommended using a Thuraya phone to be able to reach land and cell lines around Libya as well as to stay in touch with Egypt.

The banking situation is evolving for the better, said a number of attendees, noting that US banks may now accept letters of credit from Libyan financial institutions.

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