The possibility of supporting the regulatory and economic mechanism for business development in Libya

Abstract

The aim of this study is to seek to develop a regulatory and economic mechanism to improve the efficiency of commercial structures in Libya. To achieve this goal, the inductive approach was followed in addition to the descriptive analytical approach, as it is more widely used in the study of social and human phenomena, and due to its relevance to the nature of the study.

The study found a number of results that the weakness of the Libyan economy is due to a weakness in the regulatory mechanism. The previously developed organizational and economic structures will help to increase the efficiency of the performance of Libyan commercial structures by creating a favorable business climate (trust system) and the formation of an adaptive legislative framework and a redistribution of the potential of Libyan resources taking into account the current features of the transition to market relations in Libya and the fact that the state is the guiding and regulatory link in economic reforms.

The study concluded with several recommendations, the most important of which are working on the application of a developed economic regulatory mechanism to help increase the efficiency of the performance of Libyan commercial structures, creating a favorable business environment in the country for project owners, transferring knowledge and technology and localizing it in the Libyan economy, providing guarantees for investors to invest in the country, and government economic support for small businesses. And medium-sized, as well as the need to organize specialized workshops and conferences concerned with the application of the developed mechanisms.