alarabonline.org: Libya’s moment of action

[tolibya]

In a meeting with Libyan officials, businessmen, academics, experts and journalists, Mr Saif Al-Islam Al Qathafi presented the newly established “Libyan Economic Development Board” (LEDB).

The LEDB is actually perceived as being a salient policy brought about by Libya’s National Economic Strategy (NES) project that has been launched in 2005.

The Executive Director of the National Economic Strategy, Dr. Omran Bukhres, said "the launch of LEDB demonstrates that we are now moving on to the action and implantation phase of our National Economic Strategy. We want to encourage Libyans to play an active part in the reform agenda and our first major LEDB campaign will be to address the key barriers to entrepreneurship. The LEDB will make it simpler to register new businesses as well as making it easier for small and medium enterprises to get access into financial and professional advice and training."


Shedding light on the project, Saif Al-Islam said “this is a momentous step and one which will increase opportunity and prosperity for the people of Libya”.

Referring to foreign and Libyan joint ventures investments in their paramount role in the project, he added that in a short time Libya will become a huge construction hub where hundreds of hotels, roads and office buildings are to be built.

"The Libyan Economic development Board has an important role to play in driving an entrepreneurial culture in Libya and providing support to business and a signal of Libya's commitment to the diversification and development of the economy necessary to position Libya as a major player in the regional economy," he reiterated.




Moving to the issue of wages in both public and private sector, Saif said that salaries will be raised. In the health sector for instance, the minimum wage will witness an increase of 500 per cent.

Announcing a number of new economic projects and policies for development, Mr.saif Al Islam claimed that the government plans to expel 300.000 workers. Yet, it will provide the 180.000 actual workers with a three-year full salary allowing them to receive business loans in order to start their own small and medium size projects and boost the country’s productivity.

Widening horizons for foreign investments, Mr.Saif Al Islam maintained that negotiations for possible economic cooperation with both US Daewoo Chemical Company and British Petroleum are under way in a bid to improve Libyan petrochemicals.

Part of the economic reforms, is an amendment in the investment law meant to allow Libyan investors to benefit from the same privileges as the foreign investors, he said.

He also pointed at a main change in the Libyan economy which is that of the privatization of Al-Sahari and Wahda banks as well as other cement companies.

To reinforce the ideas already dealt with in the gathering, Professor Michael E. Porter of Harvard Business School gave a lecture entitled “Libya’s Moment for Action” in which he stressed the achievements of the board and what remains to be done.