The Misrata Free Zone (MFZ) is making further inroads on its ambition for Misrata to become a key international transit trade hub, servicing North Africa, Europe and the Middle East.
In its latest move, the MFZ has entered into a Memorandum of Understanding (MoU) with Libya’s Airports Authority to identify areas for cooperation and investment in aviation connections at Misrata Airport.
Among other aspects, the MoU provides for the allocation of a free zone area within Misrata Airport. The area will be nearly 50 hectares in size and be dedicated to air cargo and logistical services. This provision has been made with the aim of increasing transit and re-export trade from within the airport.
The MoU falls under the scope of the MFZ’s ambitions to make Misrata an international transit trade hub. But this can also be seen in a broader context, as an ambition across Libya generally. With the country leaving a turbulent decade behind it and seeking to stabilise, Libya has started to set its sights on emerging as a key global market in both energy and trade.
Opportunities for contractors, engineers and more are certain to arise as the country looks to develop its infrastructure to help it meet this broader ambition, and this will be an area to watch.
Our team at Eltumi & Co specialise in energy and infrastructure projects. We track developments in these sectors in order to provide commercial legal support to businesses operating in the sector. Follow our LinkedIn page for ongoing updates and insight.