World Report

What is the current situation of the Libyan reform agenda and what are your priorities?

Shukri Mohamed Ghanem

‘Libya is changing. The future looks very promising.’

Trying to reform an economy is not an easy task, but we have been doing it and so far the results are good. We have achieved a lot. We are opening up to the private sector so that it may participate in the economic process. We are privatising almost 360 different plants, factories and other entities. We have opened our doors to foreign investment and the reception has been encouraging in all sectors. Our main objective is to improve the standard of living of the Libyan people.

Do you see the oil and gas sector as a solution to economic success, or do you feel that other sectors should be developed?
The oil and gas sector is currently the most important one because it is the cash producer. Developing this sector will lead to improvement that will spill over to the other sectors of the economy. Naturally we want to diversify because oil is a non-renewable resource and we are developing other sectors that have a lot of potential, such as the agriculture and energy sectors.

With all the recent diplomatic progress between Libya and the international community, do you feel that you are on the right track to achieve the harmony you are seeking with the West?
We are establishing diplomatic ties and normalising relations with different countries. Doing this will lead to more cooperation rather than conflict and misunderstanding. We are opening the way for transfer of technology. Our students will now have a chance to study abroad and get the proper training and education. Trade relations will improve as well. All the recent political developments are a sign that we are normalising relations with the international community and hopefully this will work for the benefit of all the parties involved.

What is your message to those who want to come and invest in Libya?
We can tell them that Libya has great potential, particularly due to its proximity to Europe. It is a gateway to Africa and can be a centre for trade between north,south, east and west. The foreign investor has a lot of incentives to invest here. First and foremost are the tax cuts. British businesses should not only think of trade and quick business deals but should also consider long-term projects like agriculture and industry.

How do you see Libya in five years from now?
The whole world is changing and Libya is trying to change as well. I think that because it has great potential, Libya will be the kind of country where the standard of living will increase rapidly. There is a lot of room to expand in all the sectors of our economy. We will be attracting a greater number of tourists and business people alike. The future looks very promising.