Payment Not Security is Main Barrier to Foreign Companies Returning to Libya
In an article for the Libya Herald, Sami Zaptia provides an overview of the Libya Investment Summit in Istanbul 9-11 May, including Jason Pack’s speech in his capacity as the Executive Director of the US-Libya Business Association. Pack said that ‘‘Libya has cultural and structural challenges inherited from the Qaddafi era. Its rentier economy dominated by the state-sector undermines the private sector. Its revenues are not being used to create strong institutions and its main institutions such as the NOC and LIA were not part of the formal institutions of power’’. ‘‘Concerns about security, back payments and Letters of Credit being honoured are shared by almost all USLBA members. Solve these and Libya could be back on its feet’’, he suggested.
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