“The investment sector in Libya has been suffering a dire situation since its establishment… Its situation got worse after Fayez Al-Sarraj took over the country… This sector was politicized.” The head of an International Consultancy Office and researcher in Political Economy, Omar Said Al-Khataly confirmed during a televised interview for Libyan WTV channel and Tabadul Platform.
According to him, the investment sector is represented by the Libyan Investment Authority, 520 other companies in addition to their affiliated funds.
Al-Khataly explained that the positions and jobs that exist abroad have become means to ensure loyalties and achieve political goals instead of achieving profits on Libyan funds.
In terms of investments, the spokesman affirmed the existence of several factors that contributed to the destruction of this sector or its inability to achieve any kind of positive results such as achieving profits or expansion, the main among them is the human factor which he described as weak referring to the lack of experience and competencies.
Noting the lack of experience and competencies, Al-Khataly explained that the 70 percent of those working within this sector had not been appointed in accordance with international standards.
Al-Khataly also pointed out that most of the Libyan companies abroad, whether in Egypt or Tunisia, are bankrupt companies considering that most of the people who run these companies lack the experience and competence.
Regarding his resignation from the board of directors of “LAFICO–Tunisia”, the spokesman explained that it was a protest against the way the company was managed.
As for the resignation from the Libyan Investment Authority, he confirmed that it was due to the poor management and misuse of Libyan funds.