Country Snapshot
Population (2019, millions)¹ | 6.7 |
Population Projections (2030, millions)¹ | 7.6 |
Economically active population in agriculture (as % of Economically active population)¹², 2019 | 2.1 |
Capital | Tripoli |
Surface Area (km²)² | 1,759,540 |
Weather¹¹ | In Tripoli: Hottest month, August, 22-30°C (average daily minimum and maximum); coldest month, January, 8-16°C; driest month, July, 1 mm average rainfall; wettest month, December, 94 mm average rainfall |
Languages³ | Official: Arabic – Others: Italian, English and Berber (Nafusi, Ghadamis, Suknah, Awjilah and Tamasheq) |
Main Religions³ | Main: Sunni Muslim – Others: Christian and others |
Time⁴ | Eastern European Time (EET) +0200 UTC |
Driving Orientation⁵ | Right Side |
Internet Country Code⁶ | .ly |
Country Calling Code | +218 |
Plug, Socket and Voltage⁷ | Type C, D, F and L – 127V, 230V/50Hz |
Currency | Dinar (LYD) – 1/1000 = Dirham |
Exchange Rate (As of 29 January 30, 2019, per USD)⁸ | 1.38 (buy rate) |
GDP at Market Prices (2018, current, billions of USD)⁹ | 48.31 |
GDP Growth (2017, annual %)⁹ | 7.84 |
Average GDP Growth (2014-2018, annual %)⁹ | (0.22) |
GDP per Capita, PPP (2018, current international $)⁹ | 20,706 |
Inflation, Consumer Prices (2013, annual %)⁹ | 2.6 |
Average Inflation, Consumer Prices (2010-2013, annual %)⁹ | 6.74 |
Total Reserves in Months of Imports (2016)⁹ | 69.98 |
Sources:
¹United Nations Population Division, Department of Economic and Social Affairs.
²COMESA Statistics, COMESTAT Data Hub.
³CIA World Factbook.
⁴Time and Date Portal.
⁵Chartsbin Portal, “Worldwide Driving Orientation by Country”.
⁶Wikipedia, “List of Internet top-level domains”; and, Internet Assigned Numbers Authority, Root Zone Database.
⁷International Electrotechnical Commission, World Plugs.
⁸ Central Bank of Libya.
⁹World Bank, World Development Indicators 2019.
¹¹Economist Intelligence Unit.
¹²AFDB Socio Economic Database.
Reasons to Invest in Libya
- Libya welcomes all investors who wish to invest their money and expertise in highly profitable and mutually beneficial projects.
- Libya provides many exemptions and privileges to all investors, also raw materials, cheap energy, skilled labour, and do not forget Libya’s geographical location which the open door to the African continent and its nearness to Europe is. That is just one of so many reasons why entrepreneurs are attracted to invest in Libya.
- The Libyan Privatization and Investment Board was established to promote foreign and local investment and provide all the licenses, permits, guarantee all incentives and facilitations to investors in simple procedures through the one-stop shop services office.
Source: Libya Privatization and Investment Board Online Portal.
Population
Population Projections (millions)
Population (2019) | 6.7 |
Population Projections (2030) | 7.4 |
Source: United Nations Population Division, Department of Economic and Social Affairs.
Population Residing in Urban Areas (%)
Population Projections (2019) | 80.93 |
Percentage of Population Residing in Urban Areas (2030) | 83.63 |
Source: United Nations Population Division, Department of Economic and Social Affairs.
Youth Literacy Rates (2015, %)
Youth Literacy Rate, Population 15-24 Years, Both Sexes | 99.95 |
Youth Literacy Rate, Population 15-24 Years, Female | 99.93 |
Youth Literacy Rate, Population 15-24 Years, Male | 99.96 |
Source: United Nations Educational, Scientific and Cultural Organization, UNESCO Institute of Statistics.
Labour
Unemployment (2018, % of Total Labour Force, Modeled ILO Estimate)
Unemployment, Total | 17.28 |
Unemployment, Female | 24.6 |
Unemployment, Male | 14.91 |
Source: World Bank, World Development Indicators 2019.
Labour Force (2017, % of Ages 15+, Modeled ILO Estimate)
Labour Force Participation Rate, Total | 52.37 |
Labour Force Participation Rate, Female | 25.7 |
Labour Force Participation Rate, Male | 78.96 |
Labour Force, Total (number) | 2,507,512 |
Source: World Bank, World Development Indicators 2019.
Economy Overview
GDP
2014 | 2015 | 2016 | 2017 | 2017 | |
GDP at Market Prices (current, billions of USD) | 41.14 | 27.84 | 26.22 | 38.11 | 48.31 |
GDP Growth (annual %) | -24.0 | -8.86 | -2.79 | 26.67 | 7.84 |
Source: World Bank, World Development Indicators 2019.
Value Added by Sector (% of GDP)
Indicator | 2018 | 2019 |
Agriculture | 1.14 | 1.18 |
Manufacturing | 5.10 | 5.20 |
Industry | 90.38 | 89.28 |
Services | 27.48 | 28.54 |
Construction | 4.65 | 4.63 |
Electricity, gas and water | 1.44 | 1.47 |
Mining and quarrying | 79.20 | 77.98 |
Education | 0.85 | 0.86 |
Finance, real estate and business services | 6.14 | 6.30 |
Public administration and Defense | 14.88 | 15.57 |
Health and Social Work | 0.70 | 0.72 |
Other services | 4.20 | 4.33 |
Transport, storage and communication | 1.50 | 1.55 |
Wholesale and retail trade, hotels and restaurants | 4.62 | 4.76 |
Source: AFDB Socio Economic Database.
Trade Profile
Import Partners (Imported Value, thousands, USD)
2014 | 2015 | 2016 | 2017 | 2018 | |
World | 18,090,932 | 12,632,252 | 10,184,449 | 9,904,774 | 6,637,676 |
Italy | 3,223,510 | 1,814,213 | 1,309,221 | 1,353,776 | 1,569,355 |
Egypt | 1,159,901 | 629,203 | 613,585 | 454,459 | 659,623 |
Greece | 324,580 | 182,193 | 403,699 | 331,658 | 554,961 |
Tunisia | 0 | 594,049 | 486,814 | 432,986 | 548,606 |
Germany | 805,463 | 439,050 | 356,233 | 370,728 | 436,171 |
Source: International Trade Center COMTRADE Statistics.
Export Partners (Exported Value, thousands, USD)
2014 | 2015 | 2016 | 2017 | 2018 | |
World | 18,090,932 | 12,632,252 | 10,184,449 | 9,904,774 | 6,637,676 |
Italy | 3,223,510 | 1,814,213 | 1,309,221 | 1,353,776 | 1,569,355 |
Egypt | 1,159,901 | 629,203 | 613,585 | 454,459 | 659,623 |
Greece | 324,580 | 182,193 | 403,699 | 331,658 | 554,961 |
Tunisia | 0 | 594,049 | 486,814 | 432,986 | 548,606 |
Germany | 805,463 | 439,050 | 356,233 | 370,728 | 436,171 |
Source: International Trade Center COMTRADE Statistics.
Libya’s Top Import Products (USD ‘000)
Chapter | Description | 2014 | 2015 | 2016 | 2017 | 2018 |
All products | 18,090,932 | 12,632,252 | 10,184,449 | 9,904,774 | 6,637,676 | |
27 | Mineral fuels, mineral oils and products of their distillation; bituminous substances; mineral waxes | 2,591,267 | 1,135,116 | 1,187,852 | 1,728,745 | 1,388,742 |
10 | Cereals | 844,063 | 657,678 | 436,312 | 603,404 | 650,404 |
84 | Nuclear reactors, boilers, machinery and mechanical appliances; parts thereof | 1,802,498 | 828,701 | 678,762 | 696,435 | 391,985 |
85 | Electrical machinery and equipment and parts thereof; sound recorders and reproducers, television image and sound recorders and reproducers, and parts and accessories of such articles | 1,723,550 | 1,132,560 | 982,981 | 640,070 | 356,761 |
30 | Pharmaceutical products | 383,510 | 313,471 | 341,084 | 372,963 | 339,466 |
Source: COMSTAT database
Libya’s Top Export Products (USD ‘000)
Chapter | Description | 2014 | 2015 | 2016 | 2017 | 2018 |
All products | 8,949,056 | 9,195,061 | 8,149,801 | 17,437,278 | 13,405,523 | |
27 | Mineral fuels, mineral oils and products of their distillation; bituminous substances; mineral waxes | 8,337,465 | 8,223,521 | 5,164,049 | 15,421,524 | 13,175,710 |
72 | Iron and steel | 114,113 | 85,562 | 86,393 | 140,148 | 80,315 |
99 | Other products | 20,712 | 503,981 | 0 | 14,534 | 21,315 |
74 | Copper and articles thereof | 51,367 | 37,396 | 54,183 | 76,598 | 20,137 |
31 | Fertilizers | 47,511 | 90,150 | 53,121 | 40,879 | 19,031 |
Source: COMSTAT database
Investment Profile
FDI outflows (millions of USD)
Year | 2016 | 2017 | 2018 | 2019 | 2020 |
FDI Outflows | 440.0 | 110.0 | 275.5 | 345.1 | 204.7 |
Source: United Nations Conference on Trade and Development, World Investment Report 2021
FDI Inward Stock (millions of USD)
Year | 2016 | 2017 | 2018 | 2019 | 2020 |
FDI Inward Stock | 18,461.9 | 18,461.9 | 18,461.9 | 18,461.9 | 18,461.9 |
Source: United Nations Conference on Trade and Development, World Investment Report 2021
FDI Outward Stock (millions of USD)
Year | 2016 | 2017 | 2018 | 2019 | 2020 |
FDI Outward Stock | 20,172.7 | 20,282.7 | 20,597.6 | 20,942.7 | 21,147.4 |
Source: United Nations Conference on Trade and Development, World Investment Report 2021
FDI Inflows Main Source Countries (in terms of number of projects)
United Kingdom, Tunisia, Italy, United Arab Emirates, United States, Egypt, Russia, Norway, Singapore, and France.
Source: Financial Times, fDi Markets, 2018
FDI Inflows Main Sectors (in terms of number of projects)
Coal, Oil and Natural Gas, Business Services, Financial Services, Real Estate, Hotels and Tourism, Metals, Transportation, Industrial Machinery, Equipment and Tools, Building and Construction Materials, and Chemicals.
Source: Financial Times, fDi Markets, 2018
FDI Inflows Main Companies (in terms of number of projects)
Hotel Properties, Woodside Petroleum (Woodside Energy), Hyflux, InterContinental Hotels Group (IHG), National Bank of Abu Dhabi (NBAD), Qatari Diar Real Estate Investment Company, Red Sea Housing Services, Shell Exploration and Production Libya, Tenaris, and Tunisie Profiles Aluminium (TPR).
Source: Financial Times, fDi Markets, 2018
Doing Business
Overall Doing Business Ranking
2020 | 186/190 |
2019 | 186/190 |
Source: World Bank, Doing Business, 2020
Starting a Business
2020 Rank | 164/190 |
Procedures (number) | 10 |
Time (days) | 35 |
Cost (% of income per capita*) | 24.6 |
Paid-in Minimum Capital (% of income per capita*) | 30.0 |
*GNI per capita used: USD 6,330
Source: World Bank, Doing Business, 2020
Paying Taxes
Paying Taxes
2020 Rank | 130/190 |
Payments (number per year) | 19 |
Time (hours per year) | 889 |
Total Tax Rate (% of profit) | 32.6 |
Profit Tax (% of profit) | 22.1 |
Labor Tax and Contributions (% of profit) | 10.3 |
Other Taxes (% of profit) | 0.2 |
Source: World Bank, Doing Business, 2020
Trading Across Borders
2020 Rank | 129/190 |
Time to Export: Border Compliance (hours) | 72 |
Cost to Export: Border Compliance (USD) | 575 |
Time to Export: Documentary Compliance (hours) | 72 |
Cost to Export: Documentary Compliance (USD) | 50 |
Time to Import: Border Compliance (hours) | 79 |
Cost to Import: Border Compliance (USD) | 637 |
Time to Import: Documentary Compliance (hours) | 96 |
Cost to Import: Documentary Compliance (USD) | 60 |
Assumptions
- It is assumed that shipment travels from a warehouse in the largest business city of the exporting economy to a warehouse in the largest business city of the importing economy.
- It is assumed that each economy imports a standardized shipment of 15 metric tons of containerized auto parts (HS 8708) from its natural import partner—the economy from which it imports the largest value (price times quantity) of auto parts. It is assumed that each economy exports the product of its comparative advantage (defined by the largest export value) to its natural export partner—the economy that is the largest purchaser of this product.
- A shipment is a unit of trade. Export shipments do not necessarily need to be containerized, while import shipments of auto parts are assumed to be containerized.
- Shipping cost based on weight is assumed to be greater than shipping cost based on volume.
- If government fees are determined by the value of the shipment, the value is assumed to be $50,000.
- The mode of transport is the one most widely used for the chosen export or import product and the trading partner, as is the seaport, airport or land border crossing.
- Time is measured in hours, and 1 day is 24 hours.
- Costs do not include tariffs.
Source: World Bank, Doing Business, 2020
Investment Regime
Legal Framework
Investment Code – Law N. 9 of 2010 (Promotion of Investment)
Investment Incentives
- Exemptions applicable to companies registered/governed by Law 9 are as follow:
- Exemption from customs duties on machinery and equipment;
- A five-year exemption from income tax;
- Exemption from tax on dividend distribution and profit generated as a result of merging, selling, dividing or changing the legal form of the enterprise;
- Exemption for profits generated from the activity of the enterprise if they are reinvested and an exemption from stamp duty.
- A free zone has been established in Misurata (Qasr Hamad port area).
- A free zone has been established in Benghazi ( Elmreisa free zone ).
- Other incentives are available, subject to a decision from the Investment Authority Committee, to offer for the investment projects, tax privileges and exemptions for a period, not exceeding 3 years, or other additional privileges, if those projects prove that:
- They contribute to the achievement of food security.
- Utilize measures that are capable of achieving abundance in energy or water or contribute to environmental protection.
- Contribute to the development of the area.
Source: Libya’s Privatization and Investment Board / Cooperation Department.
Country Snapshot
Population (2019, millions)¹ | 6.7 |
Population Projections (2030, millions)¹ | 7.6 |
Economically active population in agriculture (as % of Economically active population)¹², 2019 | 2.1 |
Capital | Tripoli |
Surface Area (km²)² | 1,759,540 |
Weather¹¹ | In Tripoli: Hottest month, August, 22-30°C (average daily minimum and maximum); coldest month, January, 8-16°C; driest month, July, 1 mm average rainfall; wettest month, December, 94 mm average rainfall |
Languages³ | Official: Arabic – Others: Italian, English and Berber (Nafusi, Ghadamis, Suknah, Awjilah and Tamasheq) |
Main Religions³ | Main: Sunni Muslim – Others: Christian and others |
Time⁴ | Eastern European Time (EET) +0200 UTC |
Driving Orientation⁵ | Right Side |
Internet Country Code⁶ | .ly |
Country Calling Code | +218 |
Plug, Socket and Voltage⁷ | Type C, D, F and L – 127V, 230V/50Hz |
Currency | Dinar (LYD) – 1/1000 = Dirham |
Exchange Rate (As of 29 January 30, 2019, per USD)⁸ | 1.38 (buy rate) |
GDP at Market Prices (2018, current, billions of USD)⁹ | 48.31 |
GDP Growth (2017, annual %)⁹ | 7.84 |
Average GDP Growth (2014-2018, annual %)⁹ | (0.22) |
GDP per Capita, PPP (2018, current international $)⁹ | 20,706 |
Inflation, Consumer Prices (2013, annual %)⁹ | 2.6 |
Average Inflation, Consumer Prices (2010-2013, annual %)⁹ | 6.74 |
Total Reserves in Months of Imports (2016)⁹ | 69.98 |
Sources:
¹United Nations Population Division, Department of Economic and Social Affairs.
²COMESA Statistics, COMESTAT Data Hub.
³CIA World Factbook.
⁴Time and Date Portal.
⁵Chartsbin Portal, “Worldwide Driving Orientation by Country”.
⁶Wikipedia, “List of Internet top-level domains”; and, Internet Assigned Numbers Authority, Root Zone Database.
⁷International Electrotechnical Commission, World Plugs.
⁸ Central Bank of Libya.
⁹World Bank, World Development Indicators 2019.
¹¹Economist Intelligence Unit.
¹²AFDB Socio Economic Database.
Reasons to Invest in Libya
- Libya welcomes all investors who wish to invest their money and expertise in highly profitable and mutually beneficial projects.
- Libya provides many exemptions and privileges to all investors, also raw materials, cheap energy, skilled labour, and do not forget Libya’s geographical location which the open door to the African continent and its nearness to Europe is. That is just one of so many reasons why entrepreneurs are attracted to invest in Libya.
- The Libyan Privatization and Investment Board was established to promote foreign and local investment and provide all the licenses, permits, guarantee all incentives and facilitations to investors in simple procedures through the one-stop shop services office.
Source: Libya Privatization and Investment Board Online Portal.
Population
Population Projections (millions)
Population (2019) | 6.7 |
Population Projections (2030) | 7.4 |
Source: United Nations Population Division, Department of Economic and Social Affairs.
Population Residing in Urban Areas (%)
Population Projections (2019) | 80.93 |
Percentage of Population Residing in Urban Areas (2030) | 83.63 |
Source: United Nations Population Division, Department of Economic and Social Affairs.
Youth Literacy Rates (2015, %)
Youth Literacy Rate, Population 15-24 Years, Both Sexes | 99.95 |
Youth Literacy Rate, Population 15-24 Years, Female | 99.93 |
Youth Literacy Rate, Population 15-24 Years, Male | 99.96 |
Source: United Nations Educational, Scientific and Cultural Organization, UNESCO Institute of Statistics.
Labour
Unemployment (2018, % of Total Labour Force, Modeled ILO Estimate)
Unemployment, Total | 17.28 |
Unemployment, Female | 24.6 |
Unemployment, Male | 14.91 |
Source: World Bank, World Development Indicators 2019.
Labour Force (2017, % of Ages 15+, Modeled ILO Estimate)
Labour Force Participation Rate, Total | 52.37 |
Labour Force Participation Rate, Female | 25.7 |
Labour Force Participation Rate, Male | 78.96 |
Labour Force, Total (number) | 2,507,512 |
Source: World Bank, World Development Indicators 2019.
Economy Overview
GDP
2014 | 2015 | 2016 | 2017 | 2017 | |
GDP at Market Prices (current, billions of USD) | 41.14 | 27.84 | 26.22 | 38.11 | 48.31 |
GDP Growth (annual %) | -24.0 | -8.86 | -2.79 | 26.67 | 7.84 |
Source: World Bank, World Development Indicators 2019.
Value Added by Sector (% of GDP)
Indicator | 2018 | 2019 |
Agriculture | 1.14 | 1.18 |
Manufacturing | 5.10 | 5.20 |
Industry | 90.38 | 89.28 |
Services | 27.48 | 28.54 |
Construction | 4.65 | 4.63 |
Electricity, gas and water | 1.44 | 1.47 |
Mining and quarrying | 79.20 | 77.98 |
Education | 0.85 | 0.86 |
Finance, real estate and business services | 6.14 | 6.30 |
Public administration and Defense | 14.88 | 15.57 |
Health and Social Work | 0.70 | 0.72 |
Other services | 4.20 | 4.33 |
Transport, storage and communication | 1.50 | 1.55 |
Wholesale and retail trade, hotels and restaurants | 4.62 | 4.76 |
Source: AFDB Socio Economic Database.
Trade Profile
Import Partners (Imported Value, thousands, USD)
2014 | 2015 | 2016 | 2017 | 2018 | |
World | 18,090,932 | 12,632,252 | 10,184,449 | 9,904,774 | 6,637,676 |
Italy | 3,223,510 | 1,814,213 | 1,309,221 | 1,353,776 | 1,569,355 |
Egypt | 1,159,901 | 629,203 | 613,585 | 454,459 | 659,623 |
Greece | 324,580 | 182,193 | 403,699 | 331,658 | 554,961 |
Tunisia | 0 | 594,049 | 486,814 | 432,986 | 548,606 |
Germany | 805,463 | 439,050 | 356,233 | 370,728 | 436,171 |
Source: International Trade Center COMTRADE Statistics.
Export Partners (Exported Value, thousands, USD)
2014 | 2015 | 2016 | 2017 | 2018 | |
World | 18,090,932 | 12,632,252 | 10,184,449 | 9,904,774 | 6,637,676 |
Italy | 3,223,510 | 1,814,213 | 1,309,221 | 1,353,776 | 1,569,355 |
Egypt | 1,159,901 | 629,203 | 613,585 | 454,459 | 659,623 |
Greece | 324,580 | 182,193 | 403,699 | 331,658 | 554,961 |
Tunisia | 0 | 594,049 | 486,814 | 432,986 | 548,606 |
Germany | 805,463 | 439,050 | 356,233 | 370,728 | 436,171 |
Source: International Trade Center COMTRADE Statistics.
Libya’s Top Import Products (USD ‘000)
Chapter | Description | 2014 | 2015 | 2016 | 2017 | 2018 |
All products | 18,090,932 | 12,632,252 | 10,184,449 | 9,904,774 | 6,637,676 | |
27 | Mineral fuels, mineral oils and products of their distillation; bituminous substances; mineral waxes | 2,591,267 | 1,135,116 | 1,187,852 | 1,728,745 | 1,388,742 |
10 | Cereals | 844,063 | 657,678 | 436,312 | 603,404 | 650,404 |
84 | Nuclear reactors, boilers, machinery and mechanical appliances; parts thereof | 1,802,498 | 828,701 | 678,762 | 696,435 | 391,985 |
85 | Electrical machinery and equipment and parts thereof; sound recorders and reproducers, television image and sound recorders and reproducers, and parts and accessories of such articles | 1,723,550 | 1,132,560 | 982,981 | 640,070 | 356,761 |
30 | Pharmaceutical products | 383,510 | 313,471 | 341,084 | 372,963 | 339,466 |
Source: COMSTAT database
Libya’s Top Export Products (USD ‘000)
Chapter | Description | 2014 | 2015 | 2016 | 2017 | 2018 |
All products | 8,949,056 | 9,195,061 | 8,149,801 | 17,437,278 | 13,405,523 | |
27 | Mineral fuels, mineral oils and products of their distillation; bituminous substances; mineral waxes | 8,337,465 | 8,223,521 | 5,164,049 | 15,421,524 | 13,175,710 |
72 | Iron and steel | 114,113 | 85,562 | 86,393 | 140,148 | 80,315 |
99 | Other products | 20,712 | 503,981 | 0 | 14,534 | 21,315 |
74 | Copper and articles thereof | 51,367 | 37,396 | 54,183 | 76,598 | 20,137 |
31 | Fertilizers | 47,511 | 90,150 | 53,121 | 40,879 | 19,031 |
Source: COMSTAT database
Investment Profile
FDI outflows (millions of USD)
Year | 2016 | 2017 | 2018 | 2019 | 2020 |
FDI Outflows | 440.0 | 110.0 | 275.5 | 345.1 | 204.7 |
Source: United Nations Conference on Trade and Development, World Investment Report 2021
FDI Inward Stock (millions of USD)
Year | 2016 | 2017 | 2018 | 2019 | 2020 |
FDI Inward Stock | 18,461.9 | 18,461.9 | 18,461.9 | 18,461.9 | 18,461.9 |
Source: United Nations Conference on Trade and Development, World Investment Report 2021
FDI Outward Stock (millions of USD)
Year | 2016 | 2017 | 2018 | 2019 | 2020 |
FDI Outward Stock | 20,172.7 | 20,282.7 | 20,597.6 | 20,942.7 | 21,147.4 |
Source: United Nations Conference on Trade and Development, World Investment Report 2021
FDI Inflows Main Source Countries (in terms of number of projects)
United Kingdom, Tunisia, Italy, United Arab Emirates, United States, Egypt, Russia, Norway, Singapore, and France.
Source: Financial Times, fDi Markets, 2018
FDI Inflows Main Sectors (in terms of number of projects)
Coal, Oil and Natural Gas, Business Services, Financial Services, Real Estate, Hotels and Tourism, Metals, Transportation, Industrial Machinery, Equipment and Tools, Building and Construction Materials, and Chemicals.
Source: Financial Times, fDi Markets, 2018
FDI Inflows Main Companies (in terms of number of projects)
Hotel Properties, Woodside Petroleum (Woodside Energy), Hyflux, InterContinental Hotels Group (IHG), National Bank of Abu Dhabi (NBAD), Qatari Diar Real Estate Investment Company, Red Sea Housing Services, Shell Exploration and Production Libya, Tenaris, and Tunisie Profiles Aluminium (TPR).
Source: Financial Times, fDi Markets, 2018
Doing Business
Overall Doing Business Ranking
2020 | 186/190 |
2019 | 186/190 |
Source: World Bank, Doing Business, 2020
Starting a Business
2020 Rank | 164/190 |
Procedures (number) | 10 |
Time (days) | 35 |
Cost (% of income per capita*) | 24.6 |
Paid-in Minimum Capital (% of income per capita*) | 30.0 |
*GNI per capita used: USD 6,330
Source: World Bank, Doing Business, 2020
Paying Taxes
Paying Taxes
2020 Rank | 130/190 |
Payments (number per year) | 19 |
Time (hours per year) | 889 |
Total Tax Rate (% of profit) | 32.6 |
Profit Tax (% of profit) | 22.1 |
Labor Tax and Contributions (% of profit) | 10.3 |
Other Taxes (% of profit) | 0.2 |
Source: World Bank, Doing Business, 2020
Trading Across Borders
2020 Rank | 129/190 |
Time to Export: Border Compliance (hours) | 72 |
Cost to Export: Border Compliance (USD) | 575 |
Time to Export: Documentary Compliance (hours) | 72 |
Cost to Export: Documentary Compliance (USD) | 50 |
Time to Import: Border Compliance (hours) | 79 |
Cost to Import: Border Compliance (USD) | 637 |
Time to Import: Documentary Compliance (hours) | 96 |
Cost to Import: Documentary Compliance (USD) | 60 |
Assumptions
- It is assumed that shipment travels from a warehouse in the largest business city of the exporting economy to a warehouse in the largest business city of the importing economy.
- It is assumed that each economy imports a standardized shipment of 15 metric tons of containerized auto parts (HS 8708) from its natural import partner—the economy from which it imports the largest value (price times quantity) of auto parts. It is assumed that each economy exports the product of its comparative advantage (defined by the largest export value) to its natural export partner—the economy that is the largest purchaser of this product.
- A shipment is a unit of trade. Export shipments do not necessarily need to be containerized, while import shipments of auto parts are assumed to be containerized.
- Shipping cost based on weight is assumed to be greater than shipping cost based on volume.
- If government fees are determined by the value of the shipment, the value is assumed to be $50,000.
- The mode of transport is the one most widely used for the chosen export or import product and the trading partner, as is the seaport, airport or land border crossing.
- Time is measured in hours, and 1 day is 24 hours.
- Costs do not include tariffs.
Source: World Bank, Doing Business, 2020
Investment Regime
Legal Framework
Investment Code – Law N. 9 of 2010 (Promotion of Investment)
Investment Incentives
- Exemptions applicable to companies registered/governed by Law 9 are as follow:
- Exemption from customs duties on machinery and equipment;
- A five-year exemption from income tax;
- Exemption from tax on dividend distribution and profit generated as a result of merging, selling, dividing or changing the legal form of the enterprise;
- Exemption for profits generated from the activity of the enterprise if they are reinvested and an exemption from stamp duty.
- A free zone has been established in Misurata (Qasr Hamad port area).
- A free zone has been established in Benghazi ( Elmreisa free zone ).
- Other incentives are available, subject to a decision from the Investment Authority Committee, to offer for the investment projects, tax privileges and exemptions for a period, not exceeding 3 years, or other additional privileges, if those projects prove that:
- They contribute to the achievement of food security.
- Utilize measures that are capable of achieving abundance in energy or water or contribute to environmental protection.
- Contribute to the development of the area.
Source: Libya’s Privatization and Investment Board / Cooperation Department.