United World: You played a key role in the transition of Libya's economy from being state-run to the gradual privatisation that is taking place today. Could you please present the National Investment Company to our readers?

Mr. Elkib: The Company was established in 1986, for it to be part of the privatization process from the beginning. The company has not been 100% active since 1986, but we recently started a policy that contributes to the privatization program in the country. The National Investment Company is owned by the people of Libya who are contributing 1.5% of their monthly salary, which makes them all shareholders. The company was created on the initiative of the Leader with a revolutionary vision looking ahead of its time, and I see that this company is a base for the eventual creation of a stock market in the country.

United World: What is your relationship with the General Board of Ownership Transfer of Companies and Economical Units?

Mr. Elkib: We have a contact with them as under the privatization program, GBOT identifies the companies that are to be privatized. We evaluate each of the companies that are under the program and then decide if we take part or not, and in what percentage. In the second phase, we put in our plan to sell part of these shares to other private shareholders. In that respect, one could say that we act like a venture-capital firm.

United World: Could you give us an example of a company that has undergone privatization?

Mr. Elkib: Yes. We own a majority stake in the Arab Cement Company as we feel it is an important business in our country. In fact, we have important plans for it; we want to diversify its production related to include other building-materials. There is for example a construction company, which is studying the possibility of integrating its own activities with the Cement Company. Our country has a great construction plan that needs a lot of investment in cement and building materials.
We also have a trading company that exports and imports, buying and selling, which demonstrates that our country is very open to foreign investors as well. Nevertheless, it is interesting to notice that only the Americans have not yet decided to invest in various sectors at this point. It would appear that, up until now, they are only interested in oil and gas. We would like to see them become a part of wider investment opportunities in the country. Today is the right time to invest, particularly in infrastructure and construction, which are booming sectors. There is a need for the transfer of the technology and the know-how that the Americans possess.

United World: What is the long-term objective for the National Investment Company?

Mr. Elkib: Our long-term objectives can be summarized very clearly: first and foremost is to succeed in the privatization program. Secondly, we would like to attract foreign investors to join us in the process.

United World: What can foreign investors expect to find when they come to Libya?

Mr. Elkib: As I mentioned earlier, infrastructure and building materials are the most lucrative business in the market right now. Under the foreign investment law in Libya, all sectors are open to foreigners, ranging from education, to transport, to health and tourism. These are sectors where we need foreign know-how.

United World: Why do you think American investors fall shy from considering sectors outside of oil and gas?

Mr. Elkib: I think the main reason is that the US government has not yet given permission to all sectors to invest in Libya. My message to the Americans is to convince their government to clear Libya as a country that can be invested in by Americans. This would encourage American businessmen to visit the country and to witness first-hand the economic changes that the country is under-going. Politics plays a major role in the business relationship between two countries, so the opening up should be reciprocal. For example, it is difficult for Libyans to visit the US and vice-versa, which contributes to many misconceptions on both sides. Libya is very open and safe. We welcome investors from all over the world, provided that they understand our business culture and our way of life.

United World: Are there any specific investment opportunities that American businessmen should keep an eye out for?

Mr. Elkib: Airlines and airports are one example, from handling to catering and flying. Another key area is the seaport, construction of roads, and of course tourism. I would finally advise investors to contact the right people in the country. They need to come through the appropriate channels and partner-up with serious Libyans who know what they are doing. There are many serious institutions like the Chambers of Commerce and the Foreign Investment Board that have proven to be very helpful for businessmen. Our company can provide advice and direction to investors, as well as discuss investment opportunities partnership.

United World: Thank you for your comments.

Mr. Elkib: Thank you.