Foreign Investment in Libya is Being Greatly Discouraged in Practice

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While Law No. 9 of 2010 on the Promotion of Investment (the “Investment Law”) provides a remarkably favourable framework for the promotion of inbound foreign investment on paper, the Ministry of Economy’s overly restrictive interpretation of said law and its efforts to slow-walk the procession of applications by foreign investors gravely undermine this policy framework and create a deeply unfriendly environment for foreign investors in Libya – as if the unstable security situation and the uncertainties caused by the division of the Libyan government into competing authorities were not bad enough…