🇱🇾LibyaNorth Africa
Libyan Minister of Economy approves 12 foreign and joint venture companies
via Libya Herald1 min read
The Tripoli-based Libyan Minister of Economy and Trade approved several decisions last Thursday, April 23, concerning 12 foreign and joint venture companies. These decisions included extending branch licenses, adding new activities, and establishing commercial agencies. This initiative aims to enhance the business environment, encourage foreign and joint venture companies to enter the Libyan market, boost confidence in the national economy, and simplify procedures for investors, thereby supporting investments and revitalizing economic sectors. The approved companies are from Turkey, Britain, Tunisia, the UAE, Malaysia, Romania, Algeria, and Mauritius. This action follows a meeting held on Monday, April 13, by the Tripoli Libyan government team to follow up on the US State Department’s Investment Climate Report. The meeting discussed attracting foreign investment, expanding economic partnerships, and creating a more competitive investment environment. Attendees reviewed progress on investment climate reform measures, the unified digital window project for foreign company registration, and the development of executive regulations. The meeting concluded by emphasizing a work mechanism for periodic follow-up of the reform matrix to improve performance, address challenges, and enhance Libya's investment climate competitiveness.
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This summary was AI-generated from a story originally published by Libya Herald.
Mahmoud Al-Furjani, Director General of the National Development Agency NDA, hosted Thierry VALLAT, the Ambassador of France to Libya, at the NDA headquarters in Sirte. The Ambassador was accompanied by a delegation from the Regional Economic Department, Business France, and representatives from three French companies specializing in sports infrastructure, medical transport, and sustainable agriculture. The visit, which included the Mayor of Sirte, Mukhtar Al-Maadani, and the President of the University of Sirte, Suleiman Al-Shater, focused on enhancing cooperation and supporting the Municipality and University of Sirte, aligning with the "Libya 2030 Vision." The delegation toured NDA projects in central and southern Libya, including Sirte Gulf International Airport, Sirte Free Zone Port, Sirte International Stadium, and the "Al-Bunyan Al-Marsous" Bridge, which is being executed by a French company. Technical briefings were provided by NDA engineers and contractors, and side meetings explored cooperation opportunities in various sectors. The French Embassy reported that the visit highlighted the NDA's efforts in Sirte's reconstruction and development, and facilitated discussions on future French-Libyan cooperation to support sustainable development and economic partnerships.
The Benghazi Chamber of Commerce will host a workshop on July 25 focusing on the launch and sustainability of the first tranche of investment Sukuk, also known as Islamic bonds. The event, supported by the Libyan Stock Market and the Libyan Stock Market Authority, aims to educate investors and business leaders on Sharia-compliant financing mechanisms. The workshop will cover the legal, technical, and Sharia-compliant aspects of bond issuance, with the goal of facilitating private sector access to modern financing instruments for sustainable development in Libya. Amwal Financial Brokerage Company is also participating. The workshop will feature a specialized session led by experts to discuss the practical aspects of issuing investment Sukuk and their potential for financing projects and fostering economic development.
Suhail Abu Shiha, the Tripoli-based Libyan Minister of Economy and Trade, issued Decision No. 374 of 2026 to regulate the registration of reinsurance companies, their branches, and representative offices with the Insurance Supervisory Authority. This decision also sets guidelines for interactions among insurance companies in Libya. The Ministry stated that this comprehensive reform addresses a legislative gap of over two decades, establishing clear rules for reinsurance companies dealing with the Libyan market. It links their operations to solvency standards, international credit ratings, and institutional control. The Ministry believes this will enhance the efficiency and financial stability of the insurance sector by setting controls for risk distribution and reducing concentration. This initiative is part of the Ministry's institutional reforms to update economic and financial legislation, aligning Libya's regulatory environment with international standards to boost investor confidence. The decision is expected to improve governance and transparency, protect insured rights, strengthen national insurance companies, and enable the national economy to manage major investment risks.