United World: You are the voice of the private sector in Libya; what can you tell us about the Union of the Chambers of Commerce?

Mr. Kanoun: Every country has one. It is the consultant of the private sector and the state as well. It reflects all the activities related to the privatization process by providing statistics, information on laws and regulations and the overall development of the country's economy. In Libya, we have seven chambers of commerce, all of which are located in major cities: Tripoli, Benghazi, Misurata, Dherna, Tobruk, Zawia, and Sebha. The union acts as the principle organizer of the chambers of commerce. It is essentially a bridge between each chamber and popular committee, and between the state and the chambers of commerce to the private sector, as well as the link between the chambers and other countries. We organize events to establish a working relationship between the chambers and other business communities; this includes foreign business delegations and their encounters with Libyan businessmen. We try to help new businesses in the local private sector by guiding people on the best way to establish themselves. This is particularly relevant to medium and small businesses; they should absorb more than 70% of employment in Libya. This is not yet the case here but we are working towards making that a reality. In addition to all that, we try to intervene in training because it's very important. Things were a bit difficult in the absence of a Libyan businessmen organization; this is changing now because we are expanding the Libyan businessmen council to include members from across the country, rather than concentrating on Tripoli only.

United World: How do you work with the Libyan Businessmen Council?

Mr. Kanoun: For the time being, the Businessmen Council is under the operation of the union of chambers of commerce, but to my understanding, its upcoming expansion will allow it to become independent. We try to take care of the interests of all parties involved in the economy.
The private sector in Libya is a novelty, so is our relationship with it. We had a state-owned economy for 25 years. The socialist-based economy essentially failed. The Libyan leader was brave enough to change course in the economy, which brought us back to supply and demand. We are trying to do the best we can under the circumstances. We are facing a great challenge ahead and we have a good prime minister leading the way.

United World: What do you see as the biggest challenges for the economy's upcoming private sector?

Mr. Kanoun: Many. In order to succeed in the process, we need a good legislative environment, which means that we should be able to stop any laws that create obstacles for the development of the private sector. We need more laws that facilitate the process. We should have the necessary bodies that can help undo certain activities, as well as help the privatization process. We need strong and well-educated people in charge. We also need to revise our social-security system; it's important that employees are well covered in all the necessary areas. There is also a need for a proper and modern banking system.
I am confident of the task this union is undertaking, but everyone has his limit. I believe in teamwork. We need more awareness as Libyans, so that people in various fields of work know what not to do. The laws today encourage group work, like share-holding companies. People have to understand that they shouldn't rush to invest in businesses that may prove to be short-lived; what is in their favor today might be against them tomorrow. We need to avoid the pitfalls of the transition from a state-owned economy to a free-market one.

United World: What role can the US play in the development of Libya's private sector?

Mr. Kanoun: In general, foreign capital in a country is very important, particularly for us, after more than two decades of absence. We need training and know-how from areas like business management. This is why we invite foreign investors to become our partners. Law number 5 encourages provides a lot of incentives for foreign investors; they should take advantage of it. In the past we looked to the United States a lot for education and training and we are doing the same today. There are investment opportunities for them here in business as well. I think there is a need to stamp out stereotypes instilled by the media and lack of communication between the two countries. People have a negative view of the country and I would encourage them to find out for themselves what we as a country and a people are all about. The oil and Gas sector is a normal one for the US to invest in but there is a need for Americans to diversify their fields of investments by looking into sectors like education and development. They are good in providing know-how and history has proven this through their relationship with other countries.

United World: Tell us a little about yourself.

Mr. Kanoun: I am a chartered accountant by profession; one of the older ones in Libya. I have experience in finance and investment in the economy. We are doing our best to revive the chambers of commerce in the country.

United World: Thank you very much for your comments.

Mr. Kanoun: Thank you.