Economy Ministry discusses Investment Map and its implementation

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Posted – 19th May 2021

The Minister of Economy and Trade Mohamed Hwej discussed during a meeting with several experts in the fields of economy and investment and academics in Libyan universities yesterday the Investment Map of the Ministry and ways to implement it.

The meeting discussed ways to employ the Investment Map in organizing the local market, trading commodities, controlling prices, and raising the citizen’s standard of living. The attendees also discussed investment projects on the map, their spatial and qualitative distribution, and how to implement them in partnership with the local and foreign private sector.

The Minister affirmed during the meeting that the Ministry is continuing to take implementation measures in coordination with all the Ministries and institutions, providing all facilities to the private sector and granting investment opportunities in all regions to achieve spatial development and economic diversification.

The Investment Map

It will be recalled that the Tripoli-based Ministry of Economy had revealed in February 2020 that it was working on a national Investment Plan to act as the main investment reference and strategic tool for mobilizing resources and improving the economy. The Investment Map will also act as a government document summarizing promising opportunities for productive investment in each sector.

The Ministry of Economy had also announced its desire to activate the agreement between it and the Arab Planning Institute regarding the preparation of an Investment Map based on scientific foundations and based on field studies to identify the sectors and economic activities that are most beneficial to investors and which are in favour of development and progress at the state level.

The Ministry had also revealed that it was planning to organize a workshop on the preparation of the Investment Map in order to explain:

1-The preparation methodology

2- Objectives and outputs

3- Clarification of the Investment Map’s advantages and contribution to the promotion of sustainable and balanced Libyan development

4-The development of the national economy and increasing GDP

5-Encouraging investment

6-Attracting qualitative investments to the country

7-Transferring technology to enhance the concepts of the knowledge economy

8-Reduce reliance on oil through diversification of sources of income

The Ministry’s statement at the time had not provide a timeline for this project.

LIBYA HERALD – Sami Zaptia

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