Algerian entrepreneurs called to contribute to Libyan cities’ reconstruction, Libyan law advantages for investors highlighted

ALGIERS- The Libyan delegation taking part in the Algerian-Libyan Economic Forum, which opened Saturday in Algiers, invited Algerian entrepreneurs of the public and private sectors to contribute to the reconstruction of the Libyan cities, at a standstill because of the crisis in this country since 2011 by participating in the execution of housing projects, pleading for the intensification of trading and investments between the two countries.

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ALGIERS- The Libyan delegation taking part in the Algerian-Libyan Economic Forum, which opened Saturday in Algiers, invited Algerian entrepreneurs of the public and private sectors to contribute to the reconstruction of the Libyan cities, at a standstill because of the crisis in this country since 2011 by participating in the execution of housing projects, pleading for the intensification of trading and investments between the two countries.

Algerian entrepreneurs and investors who will contribute to the achievement of housing programmes, which have been at a standstill since 2011 due to the crisis in Libya, will benefit from important facilities, especially in terms of taxation, the members of the Libyan delegation assured.

After expressing the wish to benefit from the Algerian experience in the management of natural risks, the Libyan side called for the reactivation of the conventions agreed between the two countries in order to ease the circulation of people and goods and to encourage investments in order to establish a strong and sustainable bilateral economic cooperation.

The members of the Libyan delegation invited Algerian businessmen to massively invest in Libya and to work in partnership with their Libyan counterparts in areas as energy, processing industry and cement industry.

A senior official at the Libyan Housing Ministry said that his country was looking forward to successful bilateral cooperation in the field of construction and infrastructure.

Calling for the intensification of Algerian exports of construction materials to Libya, he invited Algerian companies to invest in the production of construction materials locally in partnership with Libyan companies.

“Libya will work to provide a good investment climate for Algerian investors, in order to benefit from their experience and expertise in the manufacturing of construction products based on high quality local raw materials,” said the Libyan official.

For his part, the president of the Libyan general authority of privatization and investment promotion, Djamel Lemouchi stressed that Algeria has made progress in the industrial field, including the cement industry and manufacturing industries, urging to ease granting of authorizations in favor of Libyan businessmen to establish partnership with the Algerian side to develop these industries locally.

In his presentation, the General Manager of the Benghazi City Free Economic Zone, Mohamed Kouider, called for the creation of free economic zones in both countries to “set the real basis for an efficient economic partnership and create a market for trade “.

He added, in this regard, that the Libyan law governing free economic zones and transit granted several advantages to investors, including access to facilities, tax exemption, exemption from customs duties and taxes on import services for the duration of the project.

The law also exempts investors from all taxes and duties on equipment, spare parts, means of transport, furniture, operating equipment and equipment necessary for the management of the project for a period of five years, starting from the date of project launch.

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