"We need new regulations to encourage the private sector and modernise our economy," says Mohamed El Huwej, secretary of the General People's Committee of Industry, Economy and Trade. And this March, 22 new laws were passed creating a radical new legal infrastructure to replace not only the outdated laws of the past but to improve Libya's business environment and promote the role of the private sector.
Mr El Huwej, the minister of economy, says the new legislation covers commercial, tax, customs and labour relations laws, as well as laws for encouraging investment.
