B. To dominate and control trade. Ever since travelers such as Marco Polo traveled to Eastern Asia in the 13th century, there has been a strong fascination and drive to develop trade and connections with Asia. Spices, Gunpowder, and Silk are examples of goods that were nonexistent to Europeans at the time. Having a control and influence over trade relations with Asian regions would allow colonization to be very profitable for the European countries who were able to do so.
The economy of Libya depends primarily on revenues from the petroleum sector, which represents over 95% of export earnings and 60% of GDP. These oil revenues and a small population have given Libya one of the highest nominal per capita GDP in Africa.. After 2000, Libya recorded favourable growth rates with an estimated 10.6% growth of GDP in 2010. This development was interrupted by the Libyan ...
