Libya asks to join WTO, liberalize economy with vibrant private economy, active public role
Libya, Economics, 6/19/2003

The new Libyan prime minister Shukri Ghanem said that Libya intends to apply for the membership of the World Trade Organization. He said that oil will not be privatized, rather will be open to investment, while the public sector will not be removed immediately but will work side by side with the private sector.

OPEC News Agency ( OPECNA) quoted Ghanem as saying that the negotiations on Libya's joining the WTO " will start very soon." He explained that the request to join the WTO will be the next step in the process of reforming the Libyan economy following the suspension of UN sanctions imposed on Libya.

Ghanem added "we will continue seeking joining and try to open our doors for more cooperation and for better reforms."

Ghanem who was appointed a prime minister last Saturday indicated that the oil sector is vital for Libya's efforts to encourage private sector investments, noting that "talking about oil industry does not mean we are privatizing tomorrow, but oil industry will be ready to receive more investments from foreign companies." He considered that "this will make it imperative for the Libyans themselves gradually to buy shares in the companies listed in the Bourse."

He continued that reforms, almost in all sectors, will seek to encourage local and foreign private investments. Speaking about the pace of reform, he added that "the private sector will carry out a greater role but that does not mean the role of the public sector will end (abruptly) in a single day. They will complete each other."

Tripoli has launched an ambitious investment plan at a cost of USD 35 billion for 2002, 2005 and it wants local and foreign capital to join it at the rate of 30 to 40 percent especially in the fields of oil and industry.

The Libyan prime minister stressed that the new government "is determined to introduce liberalism to the economy and encourage active participatory approach to both the private and public sectors to boost them." Ghanem also talked about lifting the economic embargo from his country in 1999, noting "this will facilitate Libya's integration in the world economy."

He reiterated Libya's commitment to the objectives of OPEC which was recently exposed to pressure. He said that one of the challenges facing OPEC is the return back of the Iraqi oil to the market."

Previous Stories:
  Efforts to boost Libyan, French relations   (6/18/2003)
  Ministerial reshuffle in Libya, Shukri Ghanem is prime minister   (6/16/2003)
  Qathafi calls for fundamental economic reforms   (6/14/2003)
  Libyan- Algerian economic cooperation   (5/1/2003)
  Egypt-Libya company to fit Libyan cities with Egyptian natural gas   (4/19/2003)
  Ebeid, Shamekh discuss economic integrity projects between Libya, Egypt   (4/18/2003)

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