The Libyan Agricultural Investment Company (LAICo) announced yesterday that it had signed, at its Tripoli headquarters, a Memorandum of Understanding with Sisan Agricultural Production, Livestock Development, and Related Industries Company of Azerbaijan.
The MoU was signed between LAICo’s Director General, Ibrahim Bashir Al-Rais, and his Azerbaijani, Ahmed Bayar.
LAICo reported that the memorandum aims to open avenues for cooperation and to create favourable conditions for Sisan Company’s entry into the Libyan market. It said this aligns with the state’s efforts to promote domestic investment and diversify income sources, in accordance with the directives of the Prime Minister, Abdel Hamid Aldabaiba.
The memorandum also includes initiating preliminary arrangements for several agricultural projects, including the Zliten Agricultural Project and the Tawergha Agricultural Project, in preparation for conducting the necessary technical studies and organizational plans for their implementation within Libya.
For his part, General Manager Ibrahim Bashir Al-Rais, explained that this memorandum is the culmination of a series of previous meetings and discussions with the Azerbaijani side. He emphasized the company’s readiness to begin taking practical steps toward implementing investment projects in the agricultural and livestock production sectors, as well as related industries.
In turn, the General Manager of Sisan Company, Ahmed Bayar, affirmed that Libya possesses promising investment opportunities due to its outstanding natural resources, including abundant fertile land, diverse geographical locations, high-quality soil, and proximity to ports. He also noted the existence of legislation and laws that encourage foreign investment, in accordance with applicable laws.
The Libyan Agricultural Investment Company (LAICo) is a subsidiary of the Libyan African Investment Company also confusingly referred to as LAICo.
