ECONOMY

Prospects seen in Greek-Libyan ties; trade favors N. African nation

President Karolos Papoulias (left) is pictured next to Libyan leader Muammar Khadafy in this file photo. A report from Greece’s embassy in Tripoli, released yesterday, said Greece has failed to take full advantage of its export potential to the northern African country despite Athens supporting Libya on different occasions, the large number of Libyan students that study in Greece and Greece’s positive image in the country. ‘Despite the small size of the [Libyan] market, the gradual increase in consumption due to rising living standards and the country’s significant reliance on imports create prospects for Greek exports,’ the embassy said. In 2009, Greek exports to Libya rose by an annual pace of 63 percent to 77.1 million euros but the trade balance remained heavily in Libya’s favor, as it sold goods worth 778.8 million to Greece. Libya is Greece’s second-largest supplier of oil after Iran.