At Tripoli’s Mahary Radisson Hotel a major conference entitled ‘The Libya Business and Investment Summit – A land of challenges and untapped opportunities’ was held March 30-31 under the auspices of the Privatization and Investment Board (PIB).
The conference was notable for the quality of its top line speakers. The head of the PIB, Jamal Lamushe opened proceedings by announcing that Libya was open to investors from all over the world.
The General Secretary of Industry Economy and Commerce, Mohammed Hwaij, confirmed that Libya was open to all investors by stressing the recent steps taken to encourage investment even further. This included the seven new business-friendly laws announced recently – as reported on by the Tripoli Post.
‘What can we offer the investor?’ he asked. ‘There is no currency control, bureaucracy has been greatly reduced, and Libya needs to diversify it economy. We need the non-oil sector to become 40-60% of the economy from the present 73%. This means we need over the coming years an average annual growth rate of 8% to achieve this’, he replied. ‘We need 100,000 new jobs for locals every year. There is to be no distinction between foreign and local investors and between the public and private sector, especially with the newly announced laws ‘, the General Secretary pointed out…read more