馃嚤馃嚲LibyaNorth Africa
Libya's Minister of Economy approves new foreign company operations to boost investment climate
via Libya Herald1 min read
Libya's Minister of Economy and Trade, Suhail Abu Shiha, recently approved seven decisions concerning foreign companies, including opening new branches, extending operating licenses, and authorizing commercial agencies. This follows three similar decisions in April that approved 42 foreign companies. The newly approved companies are from Hungary, Spain, Britain, Qatar, Saudi Arabia, Tunisia, and the Netherlands, alongside a Libyan company. The Ministry stated these actions are part of its strategy to enhance the investment climate, encourage foreign company expansion in Libya, improve the business environment, strengthen national economic confidence, and simplify investor procedures to attract investments and revitalize economic sectors. This initiative aligns with efforts to address the US State Department's Investment Climate Report, with a Tripoli government team meeting on April 13 to discuss enhancing foreign investment attraction and expanding economic partnerships.
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This summary was AI-generated from a story originally published by Libya Herald.
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Libyan Minister of Economy and Trade, Suhail Abu Shiha, stated that the Ministry's primary focus is on citizens, aiming to alleviate living burdens and improve living standards. Speaking at the Tripoli Government Communication Conference, Abu Shiha explained how fiscal and monetary policies, and their distortions, impact daily life, prices, competition, and goods availability. He clarified that the Ministry seeks to enable the market to function properly, benefiting citizens, the state, and merchants through fair competition. Abu Shiha noted that while 2021 and 2022 saw stable financial conditions, late 2024 and early 2025 experienced declining competition, rising prices, and reduced goods quality due to economic imbalances. He attributed these issues to "money creation" or injecting liquidity outside traditional frameworks, which increased the money supply without corresponding production. This uncoordinated money creation directly impacts purchasing power, leading to higher prices and a decline in the real value of money and savings. The Minister concluded by stating that the Ministry is developing a plan to regulate the market, reduce distortions, enhance competition, ensure goods availability, and improve citizens' living standards.