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Libya - Making way for newer avenues

Libya being the third largest country in Africa,  has the tenth largest proven oil reserves (1.548 trillion cu m) in the world. Its Gross Domestic Product is around $37.492 billion and Investments consists of 15.6% of the annual GDP. Libya boasts of a labour force of around 1.16 million and has reserves of Foreign Exchange and Gold worth $71.99 billion.

A new era has begun in the history of Libya on 7th of July 2012 as Libyan citizens voted for the first democratic elections for a 200 member General National Congress to replace the NTC. This 200 Member General National Congress will choose a prime minister and organize parliamentary elections in 2013. The new government leaders will be working towards stabilizing the economy and supporting the growth of the nation.

We interviewed prominent industry thought leaders about the current scenario in Libya, and here's what they had to say.

Dr. Bessma Momani, Senior Fellow, Centre for International Governance Innovation (CIGI):

Why do you think that there should be a focus on the bright future of Libya? What challenges do you see in The bright future of Libya?

“The relatively young and educated population will be a vast consumer market in the world. Not to mention a small population with enormous amount of national oil wealth used to increase the domestic capacity and absorption of foreign capital. Overcoming political obstacles such as fragmentation and efforts to decentralize political power. Libya needs a strong central government to carry out a national agenda.”

Omar Al-Wahaibi, Board Member, Oman Public Authority For Electricity and Water:

Why do you think that there should be a focus on Ensuring adequate utilities provision in Libya? What challenges do you see in Ensuring adequate utilities provision in Libya?

 “Utilities are the foundations of any modern nation and it is the enabler for any economic development. The key challenges apart from capital is educated and trained human resources capable of planning, developing, operating and maintaining these assets.”

Dr. Saif AlJaibeji, Chairman, Iraq Health:

Why do you think that there should be a focus on Public Private Partnership to improve the health system in Libya?

“Health Reform is a mandate and considered to be an essential step to move forward in the new Libya. This reform requires a huge budget and expertise, and while the Libya government can continue to spend on healthcare there is always cost effective ways to implement this reform through strategic partnership with serious private partners.  Health PPP can help in the design and implementation of the reform, using regional best examples, and reducing the burden of investment and time pressure on the new government.”

What challenges do you see in Public Private Partnership to improve the health system in Libya?

The lack of past experience and local expertise in health PPP in the region makes it a big challenge as this is a major step moving forward. A federal policy for PPP and a customized implementation model for Libya is the key for successful implementation

This is just a start for Libya which possesses great potential to transform its economy and become a world leader. However, there are still a number of challenges to be faced before they succeed in their mission.