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Libya's Ministry of Economy approves 15 foreign company decisions to boost investment climate
via Libya Herald1 min read
Libya's Ministry of Economy and Trade announced that Minister Suhail Abu Shiha approved 15 decisions for foreign companies on June 25. These decisions involve opening branches, extending branch permits, and establishing representative offices for companies from Britain, Cyprus, Egypt, France, Malta, Norway, Turkey, Spain, Sudan, and Tunisia. This initiative is part of the Ministry's efforts to enhance the investment climate, encourage foreign company expansion in the Libyan market, improve the business environment, strengthen confidence in the national economy, and simplify procedures for investors. This measure aims to attract investments and revitalize various economic sectors. This batch of approvals follows a series of similar decisions made over the past three months. A meeting was held in Tripoli on April 13 to follow up on the US State Department’s Investment Climate Report, discussing ways to enhance foreign investment attraction and expand economic partnerships to create a more competitive and attractive investment environment, supporting Libya's economic development.
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Albaraka Insurance, in collaboration with United Insurance Brokers Limited UIB, Libya's Renewable Energy Holding Company REHC, and the Renewable Energy Authority of Libya REAOL, has signed a Memorandum of Understanding MoU. This agreement aims to develop comprehensive insurance and reinsurance solutions for renewable energy projects across Libya. The initiative seeks to facilitate project financing by ensuring that these developments meet the insurance requirements of lenders, financial institutions, and export credit agencies. This move is intended to boost investor confidence and unlock both local and international investment in Libya's expanding renewable energy sector.
Italian company Morvran Air Link is launching new emergency medical evacuation MEDEVAC services, utilizing an Italian-built Tecnam twin-engine aircraft. This initiative is part of a healthcare collaboration between Europe and Libya. The aircraft can transport a patient, medical equipment, and a medical team, along with family members, over distances of 1,500 to 1,700 km in five hours. Its MEDEVAC configuration includes a stretcher and four seats for assistance, while a passenger configuration can accommodate up to nine. Morvran Air Link states the aircraft's operating costs are approximately €600 per hour, which is 60 to 70% lower than competitors. The aircraft is also available in a Short Take-Off and Landing STOL configuration, enabling access to remote villages with short airstrips. This project aims to connect isolated areas in Libya to Tripoli and facilitate rapid transfers of Libyan patients to major European hospitals for specialized medical procedures.
A Czech delegation, led by Petr Hladík, Director of the Middle East and North Africa Department at the Ministry of Foreign Affairs of the Czech Republic, met with the Tripoli-based Libyan Foreign Ministry on June 29. The discussions focused on strengthening bilateral relations and expanding cooperation in various fields. Key topics included enhancing economic and investment cooperation, encouraging private sector engagement, and promoting exchanges between business communities. The possibility of the Czech Republic's embassy resuming operations from Tripoli was also discussed, reflecting positive developments in bilateral relations. Furthermore, the meeting highlighted encouraging Czech companies to return to Libya and participate in development projects, particularly under the "Return to Life" initiative by the Government of National Unity. Both sides reaffirmed their commitment to continued consultation and coordination to serve common interests and support stability and sustainable development.