The Libyan government has announced ambitious plans after lifting sanctions imposed on Libya to increase foreign investment in the oil and gas sectors in order to boost significantly production capacity. Many American companies are actively seeking investment chances in Libya and succeeded to participate in oil exploration and production.

The third hydrocarbon round will be announced by NOC in July 2007 and huge companies will bid for Libyan gas.

GPC efforts were made to diversify the economy and encouraged foreign investors. Also private sector is encouraged to participate in all fields. Many schemes are executed and a number of projects such as railways, coastal highway roads, airports, sea ports, electricity stations, telecommunications, irrigation, agriculture and tourism are planned and will be executed according specified program.

Feasible commercial and economical visions emanated and successive delegations visit Libya for concluding projects and investment schemes as foreign investors realized the considerable opportunities.

The state also instituted a system of national planning covering economic, social and cultural aspects. Cooperation between the private and public sectors is necessary for achievement of the goals of economic development. Education will play an important role and will be organized to meet requirements of development and targets. As Libya's rich history and proud people are its greatest asset, the state is particularly anxious to enhance the physical, intellectual, and moral development of youth in an endeavor to find employment chances to citizens.

Libyan economic administrations are acquainting the public to be fully aware and familiar with the requirements of WTO as Libya will join the WTO. A workshop which was sponsored by GPC for economy, trade and investment was held and co-sponsored by the United Nations development program.

It is apparent that Libyan economy benefits from oil and economic growth is achieved due to the favorable conditions in the global oil market and due hydrocarbon sector's domination of the economy as well as presence of Libya in international economic forums to achieve the ultimate progress and to develop industry, agriculture and all others plans.

Mohamed A.M.Sulaiman
16.07.2007
Libyaninvestment.com