Libyan government to support local manufacturing
By Sami Zaptia.
London, 11 June 2021:
The Libyan government will support local manufacturing, the Minister of Economy and Trade Mohamed Hwej told a meeting of business leaders at a factory in Misrata yesterday.
The meeting was held to discuss domestic manufacturing, the obstacles it faces and ways to overcome them.
The attendees raised several problems and difficulties facing companies and factories, cantered around the lack of specialized labour, banking procedures, and the implementation of credits for the supply of raw materials and spare parts for production lines.
Minister Hwej stressed that the private sector is the booster of the national economy, noting that the ministry will work to take the necessary measures to regulate the process of supplying raw materials and spare parts to companies and factories in coordination and communication with the Central Bank of Libya.
He also said it will implement measures to protect local industry, stressing the importance of the private sector’s contribution to the implementation of the Ministry’s targeted investment map. He also said the Ministry will support the activation of free and industrial zones and transit trade.
Minister Hwej pointed out that the ministry seeks to implement investment projects in various regions through partnership with local and foreign private sector, stressing that the entry of the foreign investor must be with a local partner.