22.01.2007
Libyaninvestment.com

The Libyan National Economic Development Board (EDB) was formally established last week through a decree (number 3 for 2007) of the general people's committee. The establishment represents the culmination of several months work on the part of the National Economic Strategy team and Monitor Group, an international economic and strategy consultancy, which have developed a detailed design and action plans for the entity.

As reported earlier, the Libyan Economic Development Board will lead the execution of the initiatives that address the critical economic priorities of the great Jamahiriya, such as promoting small and medium businesses, developing human capacity, improving its competitive position, and developing clusters through public private partnerships. A campaign to promote new businesses is ready for launch, and several other campaigns are being finalized.

While drawing on the experiences of other countries where a similar body has been successful, the design of the EDB reflects the specific needs and characteristics of the Libyan economy.

The formal approval of the decree has been widely welcomed. Prof. Michael Porter of the Harvard business school, the leading global thinker on competitiveness who visited Libya last year, has praised the Libyan government for establishing the entity and recommended that it be given full support to implement its initiatives.

Rajeev Singh-Molares, director, Monitor Group, who has led competitiveness projects across the world also welcomed the decree and said that "the establishment of the EDB is a sure sign that Libya is serious about action".

"The EDB will lead change in areas that are critical to the Libyan economy, through a world class team, access to the best Libyan and international knowledge experts, and through coordination with the various government entities. It must be given sufficient resources, autonomy, and ongoing support to make this a reality, "he added.

The National Economic Strategy is project set up to develop a long term economic strategy for Libya and implement priority initiatives for reform, with the support of Monitor Group. Last year, it conducted a through assessment of the competitiveness of Libya 's economy with the support of professor Michael Porter of Harvard business school.

As result of that study, a number of recommendations were made to public authorities on priority actions to improve Libya 's competitiveness. The establishment of the EDB is a major policy result of this work. Last month, Dr. Garret Fitzgrald, ex-prime minister of Ireland visited Libya , and gave a lecture on "the Irish economic miracle: reflections for Libya ", which was attended by a wide range of Libyan and international stakeholders.

Dr. Fitzgerald had made a specific recommendation for the immediate establishment of the EDB, drawing on the key role that the Irish development agency, the equivalent of the EDB, played in Ireland 's remarkable success in recent decades.

A more detailed explanation of how the EDB will work, and some of the reasoning behind its foundation, is available in the form of a leaflet developed by the National Economic Strategy team, and is available from their office in Dhat El-Emad (021 3350613).

The EDB will be formally launched at a major event to be held in Tripoli in late February, in the presence of senior government figures, representatives from the National Economic Strategy and Monitor Group, and a wide range of international media organizations. Further details will appear in the Tripoli post as the event draws nearer.

For now, however, the signing of this decree represents a major step forward for Libya 's economic development.

[The Tripoli post]