Tripoli, 1st of May, 2007 – The General Peoples Committee for Economy, Trade and Investment in collaboration with the world Bank organized in Tripoli, 29&30 of April, a workshop on "Restructuring the Libyan Economy in Light of the New Roles of the State and the Private Sector". Libyan and international experts discussed key areas of the Libyan economy and its reform agenda which is, creating a friendly investment to foster private-led growth that benefits all Libyans. During two days, the workshop highlighted the progress achieved by the Libyan authorities in facilitating private sector development and integrating the global economy, discussing the experiences of countries which have undergone such transition and drawing lessons from best practices. More than one hundred high level officials from the National Planning Council, the Central Bank, the Libyan Foreign Investment Board, the General Board of Ownership Transfer, the General Union of the Chambers of Commerce, Industry and Agriculture, the Economic Development Board, the Libyan Stock Market, Managers and Investors from Private and state owned companies as well as academics and researchers attended the workshop. There was a constructive discussion on public private partnerships, trade and services development, privatization and social protection, and many other topics related to business environment and private sector development. "Libya doesn't need financial resources from the World Bank but is pleased with the collaboration with the World Bank Group to benefit of its worldwide experience in managing such transition process and advising state institutions and the private sector on policies that generate growth, employment and reduce poverty.", SaidDr. Ali Abd Alaziz Isawi, Secretary of the General Peoples Committee for Economy, Trade & Investment, who was the initiator force behind this workshop. The engagement of the World Bank with the Socialist Peoples Libyan Arab Jamahiriya has started in 2004 with an analysis of the opportunities and challenges facing the Libyan Economy as it opened up to the global economy. In fact, a Country Economic Memorandum was prepared and then updated in 2006. It placed central emphasis on reform of the Libyan business environment so that private sector businesses could invest to generate growth and employment for the Libyan People. This led to an agreement between Libya and the World Bank on a program of technical assistance and knowledge sharing on private sector development. The Workshop forms part of this program along with analytical work and technical assistance on measures to strengthen the investment climate. "Libya has a great opportunity to move to a new phase and we had an excellent discussion with both the private and public sector on what needs to be done for Libya to become a vibrant location for Libyan and international businesses. In this context, the World Bank will help with knowledge and expertise to create new jobs for, in particular, the young expecting generation of Libyans", commented Mr. Mats Karlsson, World Bank Country Director for the Maghreb. The organization of this workshop is in line with the Technical Cooperation agreement for a Joint Economic Advisory program signed by the National Planning Council and the World Bank on July 2007. # # # For more information on the activities of the General Peoples Committee for Economy, Trade and Investment, please visit: www.ect.gov.ly |
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