LIBYA - LUXEMBOURG
Welcome to Luxembourg
The Grand Duchy of Luxembourg is located at the very heart of Europe. It is one of the smallest countries in Europe with around 550,000 inhabitants, more than 40% of which are immigrants from 160 countries. Luxembourg is known to be the European Business Hub, a unique gateway to access European markets, do business and to live in an attractive and secure place.
Luxembourg is one of the founding states of the European Union and is well described with the following few words: small, open, multicultural, diversified, stable and connected.
Visitors are always enthusiastic about the picturesque Old Town and the attractive cultural agenda: theater and concerts, museums and exhibitions, sightseeing, architecture, sports, shopping and excellent food.
Luxembourg General Information
- Official Name: (Grand Duchy of Luxembourg)
- Capital city: Luxembourg
- Official Language: French, German, Luxembourgish
- Currency: Euro
- Head of State: Henri Grand Duke of Luxembourg
- Prime Minister: Xavier Bettel
- Foreign Minister: Jean Asselborn
- GDP (PPP) 57.9 billion $
- The politics of Luxembourg takes place in a framework of a parliamentary representative democratic monarchy, whereby the Prime Minister of Luxembourg is the head of government and of a multi-party system.
- Executive power is under the constitution of 1868 as amended exercised by the government, by the Grand Duke and the Council of Government (cabinet), which consists of a prime minister and several other ministers. Usually the prime minister is the leader of the political party or coalition of parties having the most seats in parliament.
- Legislative power is vested in both the government and parliament. The judiciary is independent of the executive and the legislature. Legislative power is vested in the Chamber of Deputies, elected directly to five-year terms.
Main political parties:
- Alternative Democratic Reform Party
- Christian Social People’s Party
- Democratic Party
- Luxembourg Socialist Workers’ Party
- The Green
- The Left
Economy of Luxembourg:
Luxembourg’s economy is characterized by stable and high-income market economy features, moderate growth, low inflation, and a high level of innovation. Unemployment is traditionally low, according to the IMF, Luxembourg was the second richest country in the world, with a per capita GDP on a purchasing-power parity (PPP) basis of $80,119.
The industrial sector, which was dominated by steel until the 1960s, has since diversified to include chemicals, rubber, and other products.
During the past decades, growth in the financial sector has more than compensated for the decline in steel production.
Services, especially banking and finance, account for the majority of economic output. Luxembourg is the world’s second largest investment fund center (after the United States), the most important private banking centre in the euro zone and Europe’s leading center for reinsurance companies.
Moreover, the Luxembourg government has aimed to attract internet start-ups, with Skype and Amazon being two of the many internet companies that have shifted their regional headquarters to Luxembourg.
Bilateral Relations between Libya and Luxembourg :
– Diplomatic relations were established between the two countries in (000000), and the Libyan Embassy in Brussels is Officially accredited representative .
-Political relations between the two countries can be described as distinctive relations based on mutual respect.