www.bernama.com Libya's tourism investment and development board (TIDB) chairman, who is in town to promote Libya's tourism industry, invites Malaysians to invest in the country's construction-based activities.

"Our government is now concentrating in developing the infrastructure to boost tourism activities in an effort to diversify the country's economy.

"With the minimum infrastructure and construction-based activities currently, Libya needs more foreign investors, particularly from Malaysia to realise our mission," Dr Ali F. Aweda, the chairman of the Libya's TIDB, said Wednesday.

Speaking to Bernama after briefing local businessmen on "Tourism Investment Opportunities in Libya", he said that Malaysian investors could venture into hotel, golf courses, resort construction & management as well as other tourism related infrastructure development.

"In fact, we are planning to achieve double-digit growth on tourist arrivals, which currently stood at about 300,000 annually.

"Towards this end, we need more development in such projects," he said.

Ali added that Malaysian investors could form partnerships with their local counterparts for such projects.

"Malaysia is a good friend and trading partner for us, so in return, we will fastrack the process of applications from Malaysian investors who are keen to form their business operations here," he said.

He said that Libya is now having discussions with several Malaysian companies concerning construction projects.

He, however did not disclose the name of the companies.

He said that based on Malaysia's expertise in such sector, many more projects in the near future could be realised and formalised between both countries.

He said that with Libya's policy on tourism focused on creating a good image of the country and encouraging more foreign investment in tourism, the government will also offer more relaxing visa procedures for foreign investors.

"Apart from that, we are also giving five to eight years tax exemption for foreign investors," he said.

Meanwhile, two local construction companies, PECD Bhd and Protasco Bhd, when approached later expressed interest to expand their business operations into Libya.

"Our company is interested to invest in the market, however we must understand the market condition and the political stability of the country before we move in," said an officer from PECD group.

Protasco Bhd's chief accountant, Sofia Zakaria, said that the company was keen to venture into Libya, which offered a lot of opportunities.

"It is the right time for us to expand our business in that market," she said.

Libya is blessed with tourist attractions like classical archaeology, beaches, mountains and oasis with various influences such as Greco-Roman, Phoenicians and Islamic.

The oil-rich country with six million people has a rich history dated back to some 5,000 years and one of the longest coastline (2,000km) in North Africa.