By Libya Herald staff.
Tobruk, 14 January 2014:
The government is looking at the idea of creating a free trade zone in the . . .[restrict]Gulf of Bomba, between Torbuk and Derna. A presentation proposing the idea was made to the cabinet yesterday at its meeting in Beida by the Ministry of Economy and Industry.
The creation of free trade zones in the east has been circulating and generally approved by succeeding governments since the revolution. In April 2012, the project for the Meresa Free Trade Zone in of Benghazi was actively discussed by the Ministry of Economy. A year ago it was still being discussed.
Although the latest proposal may not undermine the Meresa project, the ministry now says that Bomba is the best location for a free trade zone in eastern Libya. It points out that Maturba airport is nearby, that the sheltered bay would make a good harbour, is just 285 kilometers from Crete, and the area, being open, could be easily developed.
In fact, the Bomba area already possesses a major airbase. During the Qaddafi era the whole zone was restricted. This base and the well-protected port nearby could become the core of the proposed free trade zone.
Currently the only functioning free trade zone in the country is that at Misrata. There is another at Zuwara but it is still in the project stage. [/restrict]