Libya free trade zone approved

Libya's main legislative body has approved a law setting up a free trade zone on the country's Mediterranean coast, a son of Libyan leader said.

Libya free trade zone approved

Libya's main legislative body has approved a law setting up a free trade zone on the country's Mediterranean coast, Saadi Gaddafi, a son of Libyan leader Muammar Gaddafi, told Reuters on Sunday.

"After the agreement of the leader (Muammar) Gaddafi...the idea of the law of the special economic zone was presented to the Basic People's Congresses, which in their turn demonstrated their agreement on establishing this law," Gaddafi, a businessman who is likely to be head of the zone's management board, said in an interview.

The zone will have free movement of capital and goods and investors will have a 10-year tax holiday, according to a copy of the law seen by Reuters. The zone's management will also establish a stock exchange there, the document said.

Reuters

Last Mod: 31 Ocak 2010, 15:48
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