ESG Grant Scheme Announced – Up to €5,000 grant for SMEs over 3 years
06 September 2023
Minister for Enterprise Miriam Dalli together with Malta Enterprise CEO Kurt Farrugia, this morning announced...
GRTU has this
week held another successful New Libya Investment Law information session. One
of the main services offered by GRTU today is helping local enterprises explore
business opportunities outside the Maltese shores through hosting of foreign
business delegations, participation in delegations abroad, finding partners,
exploring new markets, etc…
understandably a market of interest for local enterprises both for its
opportunities and historical relations with our country. The way of doing
business in Libya has changed drastically following the revolution and is being
accompanied by changes in the legal system, including the laws concerning
investment. GRTU wanted local
enterprises to be prepared and protected when approaching Libya and it is to
this end that GRTU Council Member and Libya relations representative Mario
Debono invited a Libyan consultancy to explain this New Investment Law. The
consultancy's main area of specialty is the conduct of legal studies, analysis
and set-up companies, financial advisory in addition to providing corporate
solutions. They also provide an
important strategic gate-way to doing business in Libya.
The meeting was
very insightful. It was explained that when eying Libya one has to start by
understanding the current situation. Libya is in an era of transition
politically, economically and socially and it is still recovering from the
consequences of the revolution. Libya remains a highly challenging market, and
while there are potential investment opportunities, there are corresponding
great challenges to successfully operating in Libya.
has led to a great deal of confusion particularly among foreign investors
because the shifting of regulation and procedures and a weak regulatory
environment have not inspired confidence in the market. Following a reform
process enacted by the former regime, a slight growth in the economy took place
in the banking system and amongst SMEs.
main challenges of the Libyan market remain:
Lack of sufficient information on Libyan companies
Lack of transparency in the tendering process
Instability in terms of security, regulation and political environment
Underdeveloped banking system
Lack of skilled and educated labour
Lengthy bureaucratic process
Difficulty finding reliable Libyan partners
considering market entry it is important that any processes are
official to guarantee security and protection of the investment. Foreign
Investors have five main options when considering market entry, each of
which have certain advantages and restricitons:
Joint Venture Company with a local firm
Registration under Investment Law No. 5 of 1997 (Openness to Foreign Investment)
Mentioned also where the Prohibited
activities for foreign investors, requirement for getting approval, privileges
and exemptions and an overview of the tax system.
Further information may be obtained by
contacting Abigail Mamo at GRTU on or 21232881.
The Malta Chamber of SMEs represents over 7,000 members from over 90 different sectors which in their majority are either small or medium sized companies, and such issues like the one we're experiencing right now, it's important to be united. Malta Chamber of SMEs offers a number of different services tailored to its members' individual requirements' and necessities. These range from general services offered to all members to more individual & bespoke services catered for specific requirements.
A membership with Malta Chamber of SMEs will guarantee that you are constantly updated and informed with different opportunities which will directly benefit your business and help you grow. It also entails you to a number of services which in their majority are free of charge and offered exclusively to its members (in their majority all free of charge).