FDI: New Investment Road-map for Libya

Eng. G.I. Guider, Chairman of the Privatization and Investment Board (PIB), discusses the new investment plan for Libya.

Privatization and Investment Board is a governmental body responsible for attracting Foreign Direct Investment (FDI) to Libya and to privatize public companies. According to Eng. Guider, “The PIB’s responsibility is to work under investment law No 9, to look after foreign and local investors and to give them permission to provide a service. The PIB is responsible for privatization, the transference of state owned companies to the private sector.”

Libya comes from the period when no national investment plan existed. However, the new government and public bodies are starting to make improvements and gather data in order to conceive the national investment master plan.

Aside from data collection the PIB is preparing amendments to Law no 9 (Libyan investment law), which guarantees no taxes for 5 years, no stamp duty, no export or import tax, international insurance, all foreign investors can open a bank account in any of the 3 banks in Libya; they can transfer their profits through our Board etc.

The PIB is working of establishing the free zones — a one stop shops for foreign investors. The Misurata free zone and Benghazi one stop shops were established in January 2013.

They offer many services, such as immigration services all from one place. Lastly, the PIB is looking to finish the draft of the investment law by the end of 2014, establish more of one stop shops in cities al over Libya and complete the investment master plan.