ME paving the way in new Libya to Facilitate trade and investment

Malta Enterprise signed a partnership agreement with the General Board for Ownership and Investment within the Libyan Ministry for Economy. In a preparatory visit to Misurata and Tripoli between the 13th and the 15th of March, Malta Enterprise had meetings with key Ministries as well public and private organisations in Libya with the specific aim of establishing formal structures so that it can offer businesses in Malta successful trade and investment delegations, apart from other trade facilitation services as Libya starts its development journey.

The General Board for Ownership and Investment is the official Libyan agency responsible for foreign investment, trade facilitation and privatisation of national assets. The Memorandum of Understanding (MOU) between ME and the General Board for Ownership and Investment establishes a framework through which the Libyan agency, which is a key organisation within the Ministry for Economy, will be assisting Malta Enterprise in the various initiatives it plans to roll-out to facilitate trade and investment to a market as exciting as that in Libya. The MOU was signed during a meeting between the Maltese delegation and the Minister for Economy of Libya.

During the preparatory visit, led by the Office of the Prime Minister and the Ministry for Finance, the Economy and Investment, Malta Enterprise also had discussions with key stakeholders in Tripoli and Misurata. These included the Chambers of Commerce of the two cities and the Federation of Chambers of Commerce with which a similar agreement is expected to be signed in the coming weeks. The delegation had meetings with a number of other Ministries, including the Minister for Industry.

Malta Enterprise is planning a number of initiatives to facilitate trade and investment between Malta and Libya in the coming months. The first is a trade and institutional delegation focusing on the maritime services sector which is being planned for the 16th of April.