The Minister of Economy and Trade, Mohamed Hwej, reviewed the work of the committee (Resolution 207 of 2012) formed regarding foreigners’ participation in companies, branches, and representation offices of foreign companies.
The review was conducted during a meeting at the Ministry’s Tripoli headquarters yesterday, which included several stakeholders, aimed at encouraging natural and legal national elements to establish partnerships with foreigners instead of merely opening branches of foreign companies.
The economic rationale for this is that partnerships achieve the diversity of the national economy and the localization of real projects. It also achieves a trade balance, transferring foreign expertise and knowledge, and finding workplaces of up to 75% as a minimum.
Additionally, these joint companies would be treated as local companies subject to Libyan law instead of commercial arbitration and its consequences, in addition to that the profits of these companies would be within the Libyan state.
