Libya has invited German companies to resume their projects and invest in the country by entering into a partnership with the local private sector, and to benefit from the advantages granted by the Libyan investment law, which is flexible enough to attract foreign investment.
The invitation came during a meeting between Nuri Al-Gatati, the Ministry of Economy and Trade’s Undersecretary for Free Zones Affairs, and the Chargé d’Affaires of the German Embassy in Libya, Annika Engels.
Follow up on the recommendations of the Libyan-German Forum
Commenting exclusively to Libya Herald on the meeting, Al-Gatati, said the meeting came within the framework of following up the progress of the executive programme of the recommendations of the Libyan-German Forum. The forum was held in the capital Tripoli, last March, under the auspices of the Prime Minister of the Tripoli-based Libyan government, Abd Alhamid Aldabaiba.
Establishment of a practical mechanism for the return of German companies
Al-Gatati stressed the establishment of a practical mechanism for the return of German companies to work in Libya and the resumption of stalled investment projects in various regions. He also stressed work to strengthen trade cooperation and networking between the private sectors in the two countries to implement and activate the free and private zones targeted by the Ministry of Economy and Trade’s plan for economic diversification.
Plan to establish the African Continental Free Zone
The Undersecretary referred to the plan to establish the African Continental Free Zone and its importance to the Libyan state. This importance involves supporting various economic sectors, localizing industries, opening doors for investment in various fields, and increasing the volume of trade exchange with Germany specifically, and with all countries of the European continent that possess advanced technologies.
Libya can become the ideal economic partner in Africa
For its part, he added, Libya has various capabilities and resources that can make it the ideal economic partner in Africa, especially with the state of stability the country is witnessing and with the increase in the volume of economic growth for the current year.
The meeting took place last Wednesday.
