The Libyan Prime Minister and Minister of Economy and Trade in charge of the government, Fathi Bashagha, said that sustainable and real development in Libya will not be achieved with the public sector monopolizing development projects, and that there is no way for development and raising the standard of living, services, and investment except with the active participation of the local private and foreign sector, and with the participation of local companies.
Bashagha said in his speech during the introductory conference on general policies for economy, investment and financing in Libya, which was organized yesterday, Friday, in Benghazi, that Libya is facing grave challenges in light of the stifling economic crises the whole world is witnessing, and the great threats facing all countries of the world in the supply of energy and food and job opportunities that guarantee the individual the minimum income that guarantees him a decent life, indicating that the continuation of the state of economic stagnation and the inability of state institutions to address it has become a threat to the already distorted Libyan economic structure.
He added that the Libyan government believes that restoring the wheel of the Libyan economy with a real partnership between businessmen and the state in which each of them is aware of his responsibilities, capabilities and duties is the shortest way to advance the country, indicating that the active participation of the private sector in development and investment requires effective tools that encourage the private sector to participate in development, the most important of which is defining the economic identity of the Libyan state and the harmony of the state’s legislation, laws and general policies with this identity, as well as the provision of legal guarantees for private capital to participate and work without fear of expropriation, nationalization or the encroachment of the state’s general authority in private sector business affairs.
Bashagha concluded his speech by saying, “The Libyan government will be fully prepared to support the private sector because of our firm conviction that there is no future, development, or prosperity with the public sector monopolizing work and development, and for my personal conviction of the Libyan state’s need for an administrative, economic, and legislative revolution in order for it to move to the ranks of leading countries, like the developed countries of the world.”