New National Strategy to Boost Libyan Economy Through Free Zones and Transit Trade
Tripoli, Libya – December 8, 2024, The Ministry of Economy and Trade in Libya, in collaboration with international experts from Expertise France and with the support of the European Union (EU), has finalized an in-depth National Free Zone and Transit Trade Strategy. This strategy aims to revitalize and develop the Libyan economy by attracting foreign and local investment, increasing exports and trade, diversifying the economy, and creating new job opportunities.
“The National Free Zone and Transit Trade Strategy represents a roadmap towards strengthening and diversifying the Libyan economy,” says Mr. Nouri Al-Qatati, Libyan Ministry of Economy and Trade’s Undersecretary for Free Zones. “Attracting investment, creating jobs, and leveraging Libya’s potential as a regional trade hub are key priorities for the Ministry of Economy and Trade. We commend the dedication of the free zones team and the great support from Expertise France in developing this robust strategy.”
The strategy takes a comprehensive approach, acknowledging Libya’s economic strengths and weaknesses, identifying promising opportunities and potential threats. It proposes solutions to existing challenges, including a review of current free zone and trade legislation and investment regulations. The strategy emphasizes the importance of public-private collaboration, focusing on infrastructure and spatial development, legislative reform, and attracting investments through efficient mechanisms.
“The “E-nable” project, through its activities, brings Libya closer to achieving the goal of building a resilient economy, via economic diversification and sustainable development. The National Free Zone and Transit Trade Strategy will enhance the understanding of Libya’s economic structure, strengthen existing sectors and foster the development of new ones. The EU partnership with Expertise France continues to successfully support Libyan institutions in creating favorable conditions for the private sector to thrive.”said H.E. Nicola Orlando, Ambassador of the European Union to Libya.
A dedicated team of Libyan experts from the Ministry of Economy and Trade, Ministry of Planning, Ministry of Transportation, Customs, Urban Planning Authority and free zones representatives developed the National Free Zone and Transit Trade Strategy. Backed by the EU-funded E-NABLE project’s international specialists, this Libyan team embarked on a collaborative journey throughout 2023 and 2024. Several workshops held in both Libya and abroad facilitated important discussions and exchange of ideas, ensuring the strategy aligns with international best practices. The Libyan team further strengthened their knowledge with a study tour to Morocco’s successful Tangier Free Zone, gaining valuable real-world insights.
“Our partnership with the Ministry of Economy and Trade on this Free Zones and Transit Trade strategy is a testament to Expertise France’s commitment to supporting sustainable and diversified economic development in Libya” remarks Mr.Maxime Bost, Director of Programs at Expertise France Libya. We believe this strategy holds the key to unlocking significant economic opportunities for Libya, and we’re honored to support this transformative journey.”
With the strategy now finalized, the Ministry of Economy and Trade is ready to commence a comprehensive, 15-year phased implementation plan. This structured approach will ensure the targeted rollout of free zones across Libya. Through close collaboration with relevant stakeholders, the Ministry will develop specific action plans for each economic zone, securing resources and unlocking their potential to ignite economic growth and attract thriving investments.