Qathafi calls for having foreign bank in Libya
Libya, Economics, 1/7/2006

Libya's leader Muammar al-Qathafi called for offering opportunities to Foreign Banks to invest in Libya to benefit the economy, saying there should be no fear from such a move.

Qathafi called on the General People's Congress yesterday for Libyans to set up banks to compete with such foreign banks saying "the mentality which resists foreign investment is a backward one noting that the whole world is investing the surplus of money," wondering "why do not we benefit from that underlining that we have confidence in ourselves and therefore we do not fear foreign companies or banks," JANA reported.

Qathafi referred to the Malaysian model explaining that Malaysia as a small country opened its doors to foreign banks and companies and became an advanced country and one of the Asian tigers while still being a very and Islamic country and very conservative about Islam.

Qatahfi cited Mahathir Mohamed and his outspoken voice in the world and how others did not say that he opened his country to foreign banks and companies "ie they did not say he subjected his country to foreign capital" stressing that "foreign capital was subjugated to Mahathir not vice versa."

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