Prime Minister Abdelrahim al-Kib [Abd al-Rahim al-Keeb] (pictured) has predicted a bright future for foreign investment in Libya, especially in the oil sector, whose infrastructure needs to be overhauled.
In an interview with AFP, he said:
“The plan is to revamp the whole thing and 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.”
The outgoing premier noted that the country’s 2012 crude oil output had surpassed expectations and reached its pre-revolution levels. Current production is about 1.6 million bpd.
“I guarantee you, any sector you think of, there are plenty of projects to work on,” said Kib, a US-educated electrical engineer, urging international companies to make fact-finding visits.
Kib said his country 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.
While the outgoing government was not authorised to sign contracts, the newly-elected government will be able to do so. Hundreds of companies and businessmen from around the world have already visited Libya to assess the investment climate and look for partners.
“Libya will surprise the world,” said Kib.