Mohamed Hwej, Minister of Economy and Trade in the Tripoli-based Libyan government approved 16 investment projects for the private sector in different regions today. They were projects using the Privatization and Investment Board (PIB) investment law.
Commenting on the event, the Director General of the PIB, Abdel Nasser Al-Najah, confirmed that one of the main tasks of the PIB is to encourage internal private sector investments by registering them with the PIB after completing its legal and administrative procedures and fulfilling all the conditions and controls imposed by the Investment Law.
Part of PIB’s strengthening of private sector investment
Al-Najah confirmed that the signing ceremony for the projects took place at the PIB’s headquarters and referred to the speech of the Economy Minister in which he stressed the role of the PIB in strengthening the role of the private sector and providing support to local and foreign investors, in a way that contributes to the implementation of the government’s plan to encourage the investment sector and develop the national economy.
Investment areas
Regarding the approved investment projects and their areas and locations, Al-Najah said that the approved projects are specialized in the fields of manufacturing and packing foodstuffs, the building materials industry, tourism investments, the marble industry, the cardboard and paper industry, and the auto glass industry.
Investment map
He said these will be implemented under the supervision and follow-up of the PIB to encourage investment and benefit from the advantages granted to the local and foreign investor. Regarding the approved investment sites, Al-Najah reported that they are distributed in several Libyan cities according to the investment map approved by the Ministry of Economy. This focuses on the spatial distribution that is commensurate with each investment project, as well as the climate that leads to the success of the project without prejudice to the spatial economic development of all Libyan cities.
