Libyan Law n. 5/1997 concerning foreign capitals investment promotion and Executive Regulations related. (Vincenzo Porcasi)

This article deals with the pursuance of the law mentioned above, which has been passed in Libya in May 1997, but unfortunately has not been put into operation yet, owing to hesitations and contradictions displayed by economic policies' decisions, made successively.
Law n. 5/1997 however promotes initiatives within industrial, health, tourism and farming sector and even in other sectors is open to foreign investors, but only on condition that the investment can positively contribute to:

• export development;
• employment increase;
• skilled workforce training;
• new technologies introduction;
• services' supply innovation and those existing improvement;
• cut in costs' production;
• exploitation of raw materials and other local resources;
• growth of more under-developed areas in the country.

In order to agree to the eventual investment a Popular Committee about planning has been established, that evaluates different proposals. Also this law provides many incentives and fiscal facilities to foreign investors.