Libya holds conference to boost foreign investment

A conference was held Saturday in the Libyan capital of Tripoli to boost foreign investment in the country, reports reaching here from Tripoli said.

The conference focused on ways to improve Libya's environment for investment, remove investment obstacles and modify relevant laws, according to the reports.

Libyan deputy Prime Minister Mohammed Hwij addressed the opening session, emphasizing the importance of both foreign and domestic investments.

The same favorable policies will be applied to both foreign and native investors, he said.

Organizers expressed the hope that the conference will help bring in advanced foreign technologies and managerial expertise to speed up the the country's development.

Since a major cabinet reshuffle in March, the Libyan government has stepped up the country's opening to the outside and worked out a series of policies to attract foreign investment so as to boost the economy, which was badly hurt by the decade-long U.N. sanctions.

Source: Xinhua