Mohamed Al-Hweij, Minister of Economy and Trade, has announced plans to reduce the state's reliance on oil sector exports to 40% and increase income from investment projects in agriculture, industry, and tourism to 60%.
Al-Hweij made his remarks during a meeting with Abdulmajid Abdul Karim, Chairman of the Board of the Libyan Company for Managing Joint Projects with the Private Sector, Douglas Baker, President of the Baker International Economic and Investment Consultancy, and a delegation of investors and leading global companies from various fields.
A ministry statement on Facebook said the meeting focused on collaborating with the Baker consultancy to support and enhance investment in targeted sectors as part of the ministry's development and economic diversification plan.
The attendees were also briefed on Law No. 9 of 2010 concerning the investment sector, its benefits, and the rights granted to local and foreign investors by the General Authority for Investment Promotion and Privatization.
Additionally, they reviewed the services provided by the Investor Services Center and the support offered by relevant entities such as the Ministry of Labor and Rehabilitation, the Customs Authority, and the Tax Authority. The meeting also explored promising investment opportunities in the oil and gas, renewable energy, agriculture, and industry sectors.
Al-Hweij stressed the ministry's commitment to diversifying the economy and GDP through long-term partnerships with global companies to optimize investment opportunities. He also invited the Baker consultancy to participate in implementing the ministry's plan to revitalize transit trade and free zones targeting the African market, which requires developing the infrastructure of ports, airports, roads, and communications.
Meanwhile, Abdul Karim disclosed that the visit of the Baker group and the accompanying companies is for Ppp Company to participate in financing projects with a fund capital of $2.5 billion.
