The Great Socialist People's Libyan Arab Jamahyria
Law No. 5 For Year 1426 (1997) Concerning
Encouragement Of Foreign Capitals Investment
Issued By General People's Congress
The General People's Congress
In implementation of the decisions of the Basic People's Congresses in their Second Regular Session for the year 1425 which have been formulated by the General Convention of the Basic People's Congresses and the People's Committees, Trade Unions, Federations and Professional Organizations (The General People's Congress) in Its regular session from 25 to 30 of Shawal corresponding to 4 to 9 Arrabi 1426, and Being cognizant of:
The Declaration of the People's Authority
The Magna Green Document on Human Rights in the era of the Masses
Law No. 20 for the year 1991 concerning the Consolidation of freedom
The Commercial Law and its amendments
Law No. 37 for the year 1968 for the Investment of Foreign Capitals
Income Tax Law No. 64 for the year 1973
Customs Law No. 67 for the year 1973
Law No. 1 for the year 1993 concerning Banks, Currency and Credit
Law No. 1 for the year 1425 concerning the working system of the People's Congress
The following law is promulgated:
The aim of this law is to attract investment of foreign capital in investment projects Within the framework of the general policy of the State and for the objectives of Economical and social development and in particular:
- Transfer of modern technology.
- Training the Libyan technical personnel.
- Diversification of income resources.
- Contribution to the development of the national products so as to help in their entry into the international markets.
- Realization of a locale development.
This law shall apply to the investment of the foreign capital held by Libyans and the Nationals of Arab and Foreign States in investment projects.
In the application of this law, unless the context otherwise requires, the following words And phrases shall have the meanings assigned opposite each:
- Jamahyria means The Great Socialist People's Libyan Arab Jamahyria.
- The law means the law of Foreign Capitals Investment Encouragement.
- The Secretary means The Secretary of the General People's Committee for Planning, Economy and Commerce.
- Authority means Libyan Foreign Investment Board.
- The Executive Regulation means The Regulation issued for the implementation Of the provisions of this law.
- The Foreign Capital means the total financial value brought into the Great Jamahyria whether owned by Libyans or Foreigners in order to undertake an Investment activity.
- Project means any economic enterprise established in accordance with this law The result of its work is the production of goods for end or intermediate Consumption, or investment goods, or the export or provision of service, or any Other enterprise approved as such by the General People's Committee.
- Investor means any natural or judicial entity national or non-national, investing In accordance with the provisions of this law.
This law regulates the investment of foreign capital brought into the Jamahyria in any of the following forms:
- Convertible foreign currencies or substitutes thereof brought through official Banking methods.
- Machinery, equipment, tools, spare parts and the raw materials needed for the investment project.
- Transport means that are not locally available.
- Intangible rights; such as patents, licenses, trade marks and commercial names needed for the investment project or operation thereof.
- Reinvested part of the profits and return of the project. The Executive Regulation shall regulate the manner for the evaluation of the in kind Portions used in the formation of the<