United World: As one of Libya's most prominent businessmen, what do you feel are its most prominent assets?

Mr. Al-Mansouri: Primarily, it is a safe country. It is also strategically positioned geographically along the Mediterranean coast, providing what could be termed as a bridge to Europe and also acting as what we consider to be the gateway to Africa. We enjoy good weather all year around. Libya is also attractive for tourists who are looking to enjoy the Mediterranean coast or seeking adventure tourism in the desert. For Americans specifically, there is as opportunity for them bring in their technology and train our people in management and other areas. In fact, there are many opportunities for American investors in all sectors of the economy.

United World: As the head of the Libyan Businessmen Council, what do you feel are the most lucrative business opportunities that American investors should look out for?

Mr. Al-Mansouri: I would say that they are mainly concentrated in the oil sector. However, there are other field that can be explored, like tourism, telecommunications, civil aviation, and infrastructure-development.

United World: As a Libyan entrepreneur, what would you identify as being the main challenges in the country's economy?

Mr. Al-Mansouri: In the last two years, the Libyan General Congress issued numerous laws to stimulate the economy and boost the private sector. The Libyan leader, Muammar Quadhafi, ordered the banks to issue credit to local entrepreneurs and asked the people to help each other in their business endeavors. We have been establishing some companies to meet our needs, such as a flourmill company of which I am the president. It has a capital of six million Libyan dinars, and 220 Libyan partners. Furthermore, there are new laws coming in that are giving Libyans a chance to invest in their ideas. Today the condition for foreign investment is an initial capital of more than $50 million.

United World: Do you often liaise with the government with these new laws?

Mr. Al-Mansouri: We are in regular contact with each other. They ask for feedback on the strengths or weaknesses in legislation that affect the business community. We need to develop the private sector. This process started late but it is steadily expanding.

United World: Could you tell us a little bit more about the Libyan Businessmen Council and what is hoped to achieve through it?

Mr. Al-Mansouri: There are only 200 members in the Businessmen Council at the moment, which is still a small number. Most of our work involves communicating and raising awareness of all sectors in our economy to both local and foreign investors. In fact, we are thinking of having a representative at the European Union to perform the aforementioned function. Furthermore, we have a duty to report any difficulties that require legislative amendments or technical support, and this is done by a report that we file to the Prime Minister's office or the Ministry of Economy and Trade for example. We are thinking of establishing a new company, in which members of the Businessmen Council will be shareholders with other Libyans. The company will be involved in a project to construct some new towers in Tripoli, which can be used for offices and will have an initial capital of LYD10 million. Furthermore, we are also establishing a company for exporting our agricultural production, for which we also want to create cold storage for out-of-season products and for packaging purposes. One could say that we are trying to create business and stimulate the economy, and we hope that our ideas and plans materialize. We wish the best for our country and would like to see progress in all fields, particularly education and specialized skills because we want others to respect us through our development as an economy, as a people, and as a society. The country is changing for the better; one has only to compare it to how it was only four years ago, things have dramatically changed.

United World: You also own and are the chairman of a medical equipment company, could you please tell us a bit about this business?

Mr. Al-Mansouri: For more than thirteen years, I was part of a company that worked in the animal field and agriculture, which then moved on to medical equipment. In the past, we were not able to do business with the United States because of the United Nations embargo. Things changed in 2000 and we started by importing MRI machines from the US to Tripoli. In 2002, our congress introduced a law that allowed Libyans to become agents of foreign companies, and this is how we officially became the distributors of imported medical equipment for some of the biggest international companies, such as General Electric. We have other projects alongside this, which include maintenance services. I am also the member of the board of another company that operates in the health sector, and its main function is to fully manage a hospital, ranging from operations to provision of doctors and specialists. I believe there is a strong need for foreign and local investment in the health sector. In the past, most people used to get their treatments abroad, but the philosophy nowadays is to give the private sector a chance to develop health services.
I myself started from nothing but my will to succeed pushed me forward. Having a degree in law, I started as a legal advisor, and I later became a consultant for foreign companies. Despite the absence of a private sector in the 1980s, I succeeded in reaching my goals. I planned every project I participated in very carefully. Experience and a solid reputation with foreign companies contributed to my success and the growth of this company.

United World: What do you feel is your greatest achievement so far?

Mr. Al-Mansouri: Primarily, working in my own country. This gives me great joy. I travel a lot and I have a good time wherever I go. I have a lot of friends, so I have nothing to complain about; one could say that I am a happy man. I am also one of the founders and a partner of the Bank of Commerce and Development, which was the first private bank to get a license to operate. In the near future, I would like to see all our projects materialize, particularly the building of the towers, which is expected to start by March 2006. I like taking risks and I try to learn from my mistakes, rather than dwell on them, this is my success formula. I don't gamble in casinos but I am a big gambler in business(!). My message to your readers in the United States is that they should come and visit the country; Libya is paradise.

United World: Thank you for your comments.

Mr. Al-Mansouri: Thank you.