Libya’s investment potential explained

Maltese investors, yesterday got a taste of the opportunities to be found across the sea in Libya at a meeting organised by the Chamber of Commerce, which was addressed by the secretary of Libya’s General Industrialisation Corporation, Hassan Hammed Abdallah.

GIC is a government board, founded in the year 2000 empowered to map out a strategic plan, monitor and control the Libyan industry. The corporation manages and supervises 26 industrial companies classified into six industrial sectors, which include textiles, basic metallurgical, food production, electrical and engineering, cement and chemical industries

Dr Abdallah explained that the industrial sector contributed approximately nine per cent to the Libyan GNP. He added that despite being a well-known oil producing and exporting country, Libya is rich in other resources that are waiting to be exploited.

Dr Abdallah told the Maltese investors gathered in front of him that Libya has encouraging conditions for foreign capital investment, including tax exemptions on machinery. The GIC president added that investors would be exempt form income tax for a period of five years and goods directed for export shall be exempt from taxes.

Dr Abdallah said that Libya is offering already existent factories for foreign participation but it is also seeking foreign participation in new proposed projects in different industrial sectors.

Concluding his speech, Dr Abdallah invited his Maltese counterparts to visit Libyan factories to discuss any possible investment opportunities, for which GIC was ready to assist and provide the right information.