On Monday, the Minister of Economy and Trade, Mohamed Al-Hawij, followed up with his advisor, Shather El-Said, the work of the committee formed to review the decision on foreigners’ contribution to companies, branches and representative offices of foreign companies, which aims to encourage the national element to establish a partnership with foreigners instead of just opening branches of foreign companies. This contributes to achieving diversification of the national economy and the localization of real projects that achieve trade balance, transfer of experience and foreign knowledge, and the creation of work places of up to 75% as a minimum.
Al-Huwaij added that these joint companies are national companies subject to Libyan law instead of commercial arbitration and its consequences, and their profits will be within the Libyan state.