Libya toughening import regulations against S. Korean goods

SEOUL, Nov. 11 (Yonhap) -- The Libyan government is tightening import regulations
against South Korean cars, construction equipment and other machinery as it moves
to implement a decree for local businesses, a Korean government trade agency said
Wednesday.
The decree will mandate foreign companies selling such goods in Libya to form a
joint venture with Libyan partners from next year, according to the Korea Trade
and Investment Promotion Agency.
"The decree is viewed as a measure by the Libyan government to use part of the
profits of local importers as funds to support its low-income people," said an
official at the agency.
To cope with the decree, Korean companies are considering setting up a joint
venture with Libyan partners or stopping exports to the North African country,
the agency said.
In the first nine months of this year, South Korea exported US$870 million worth
of goods to Libya, including $320 million worth of cars, according to the agency.

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