Libya's Keib predicts bright future for investors

Prime Minister Abdelrahim al-Keib predicted a bright future for foreign investment in Libya especially in the oil sector whose infrastructure needs to be overhauled.

He wants to work on the infrastructure of the oil and gas industry... (an) area for projects for companies that might be interested so that we can increase production levels," he said.

Other opportunities for investment abound: tourism along a 1,700-kilometre (more than 1,000-mile) Mediterranean coastline, basic infrastructure including roads and housing, airlines, the health and education sectors, and e-governance.

Keib said Libya was heading towards a knowledge and market-based economy in which corruption would be replaced by a robust legal system and a competent workforce.

Libya has already allocated 650 million dinars ($500,000) to support small and medium size enterprises and over 1 billion dinars for training and education.

Keib pins hopes on the private sector to generate employment and motor development. Hundreds of companies and businessmen from around the world have been visiting Libya over the past 6 months to assess the investment climate and look for partners.

(Source: AFP)

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