With a Mediterranean coastline of nearly 1,800 km and an area of 1.76 million square-km. Libya has always enjoyed the merit of a strategic location at the midpoint of Africa’s northern rim. Having borders with Egypt on the east, Algeria and Tunisia on the west and Chad, Niger and Sudan on the south this has further enhanced its strategic position that links the Middle East with oriental civilizations and other North African Arab countries as well as providing a passage gate to the core sub-Saharan African countries.
The Libyan economy depends primarily upon revenues from the oil sector, which constitute practically all export earnings and about one-quarter of gross domestic product (GDP). The World Bank defines Libya as an 'Upper Middle Income Economy', along with only seven other African countries.
Source: COMESA Member States website, Libya
The privatization and Investment Board (PIB) of Libya is a key component for the application of the Investment Law No. 9. Its essential features are to:
- Provide advice, information and support for investors
- Identify and promote investment opportunities
- Receive and consider applications for foreign capital investments
- Issue license as well as obtaining approvals required for investment projects
- Develop investment programs and promotional activities to attract investors
- Recommend or renew exemptions, facilities or benefits for the investment projects
- Look into complaints and protests of investors without affecting the investors right to petition and legal action
Incentives provided by law for investorsThe projects established within the framework of this law shall enjoy the following privileges:
A) Exemption of Machinery, Equipment and tools necessary for executing the project from all customs duties and taxes of similar effect.
B) Exemption of Equipment, Spare Parts and Raw Materials necessary for operation of the project from all customs duties and taxes imposed on import and other taxes of the same impact for a period of five years.
C) Exemption of the project from income tax on its activity for a period of five years as from the date of starting production or work as per nature of the project. This period may be extended to an additional period of three years by decision of General People's Committee upon submission of the Secretary. The profits resulting from the project activity shall also enjoy such exemptions if reinvested.
D) Exemption of goods oriented to export from production tax as from tax and fees imposed on export when exported.
E) Exemption of the project from stamp duty tax imposed on Commercial documents and documents used thereby.
Exemptions mentioned in (a, b, d) hereof shall not include the fees imposed against services such as port, storage and handling fees.
Tripoli Chamber of commerce, Industry and AgricultureP.O. Box 2321
Phone: (+218) 21 333 2755
Fax: (+218) 21 333 2655
Privatization and Investment BoardTel : (+218) 21 334 5010
Fax : (+218) 21 361 7918
- 17th of February National Day
- 1st of May Labor Day
- 16th of September Martyr's Day
- 22nd of October Liberation Day
- 24th of December Independence Day
- Date to be announced Prophet Mohammed's Day (Birth of the Prophet)
- Date to be announced Al-Hijra