On the role of sovereign wealth funds in encouraging foreign direct investment and good governance Why is governance so central to the success of sovereign wealth fund investment? ALI MAHMOUD: Good governance minimises risk and ensures that no one individual can sway the trajectory of the fund. We view governance as the cornerstone of long-term success. It allows sovereign funds to serve…
On the changing commercial ecosystem and how governance reforms are evolving to align with international standards How do you evaluate the trade finance landscape? MOHAMMED ALI ADDARRAT: Letters of credit remain the cornerstone of Libya’s trade finance landscape, initially dominated by imports of finished goods, such as food products, for consumer and public sector markets. Over the…
En Français As Africa embraces the transformative power of the African Continental Free Trade Area (AfCFTA), Special Economic Zones (SEZs) emerge as pivotal catalysts for regional economic growth.The impact of AfCFTA on SEZs on the continent is a key part of Africa’s growth, through improved market access, reduced trade barriers, and participation in regional value chains, which all enhance…
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Misrata is playing a central role in the diversification of Libya's economy, focusing on the shipping, manufacturing, automotive, construction, ICT, health care and education sectors. With strategic ports like Tripoli, Benghazi and Misrata, the government aims to make the country an international trade hub through partnerships with private investors for port modernisation. Tax incentives and free
Among the countries in the so-called Southern Neighbourhood region – comprising Algeria, Egypt, Israel, Jordan, Lebanon, Libya, Morocco, Palestine, Syria and Tunisia – Libya is the only one yet to conclude an association agreement with the EU. This is attributable to the security and stability concerns of recent years. Libya ranked 47th among the EU’s trade partners in 2020. However, as Libya’s…
In 2020 the Libyan government signed economic and trade agreements with Turkey. This partnership aims to revive 184 stagnant construction projects in Libya, worth some $16bn. Libya’s minister of planning has emphasised Turkey’s significant involvement in national projects and highlighted that Turkey’s infrastructure initiatives constitute around 20% of all projects contracted between…
Motor vehicle sales in Libya are influenced by a variety of factors, notably the domestic political environment, national and global economic conditions, and cyclical or other evolutions in market demand. In the decade to 2015 the number of registered motor vehicles nationwide nearly doubled, from 1.48m to 2.74m units. More recent growth can be attributed to improved stability and increased consumer…
The Mediterranean Sea serves as a core international trade route between Europe, the Middle East and Asia. It is the passage for around 10% of global container traffic and 20% of seaborne trade each year. Furthermore, some 20m passengers traverse this vital waterway annually. Positioned strategically in the middle of this maritime route, connecting the Suez Canal and the Strait of Gibraltar,…
Historically, Misrata’s manufacturing industry was oriented around traditional activities such as handicrafts, weaving and agriculture. As a result, the local economy was primarily centred around subsistence activities like farming and fishing. However, in response to technological advancements and the growing influence of globalisation, the region’s manufacturing sector has diversified into various…
