Reforms Guide Identifies Top Reform Priorities to Improve Business Environment in Libya
Tripoli, 8-6-2023, More than 600 Libyan companies participated in a recent survey to identify necessary reforms for a better business environment in Libya. The result, the 2023 “Reforms Guide” presents 20 top-priority reforms needed to create a more business-friendly environment and support the growth of the private sector in Libya.
The World Bank’s “Ease of doing business” index ranks Libya at its bottom end (186th out of 190 countries). In a large-scale consultative process with Libyan entrepreneurs, chambers of commerce, government officials as well as Libyan and international economic experts, a recent survey sheds light on issues hindering Libyan enterprises’ growth potential, such as the unavailability of equipment leasing, the high legal fees of enterprise registration and registration renewal, and the lack of online credit card payments.
Based on the survey’s findings, a consortium of Libyan and international experts identified the key issues Libyan enterprises of all sizes and sectors said they face and offered concrete recommendations to facilitate a sustainable reform process. The “Reform Guide’s” main goal is to enable constructive public-private dialogue and provide practical proposals to accelerate the economic reform process by focusing on key and achievable steps that will have the maximum positive impact on the country’s economy.
“This guide is considered a practical beginning to guide government reform measures and enrich the dialogue between the public and private sectors in order to improve the business environment and investment climate. The Ministry of Economy and Trade will work continuously to build an effective dialogue that enhances confidence between stakeholders from the public sector, the private sector, the finance sector, and civil society institutions”. Said Mr. Suhel Busheha, Libyan Deputy Minister of Economy and Trade for Trade Affairs.
“Identifying the necessary reforms for improving the business environment in Libya is the first step towards a more diversified and resilient economy and sustainable growth,” said Marton Benedek, Head of Cooperation at the EU Delegation to Libya. “Libya has an enormous potential and a vibrant start-up ecosystem. The EU aims to support the growing network of SMEs in Libya and to help job-seekers build the skills on demand in today’s job market.”
The Reforms Guide has been developed in cooperation with the German Agency for International Cooperation (GIZ) in the framework of the EU4PSL project, funded by the European Union and implemented by Expertise France to support the development of the Libyan private sector.
“We’re grateful and honored to support the formalization and publication of this reforms guide, a key element to connect public and private sectors in a constructive dialogue aiming at improving the business environment in Libya.” Said Mr. Julien Schmitt, Country Representative and Programs Director at Expertise France Libya. “We will continue our engagement through the economic diversification and digitalization project “E-NABLE” to support our Libyan partners in implementing the relevant mitigation actions to provide the most suitable and sustainable solutions to the top priority reforms identified in the guide.”
In addition to being a powerful practical tool for economic development in Libya, the Reforms Guide showcases an excellent opportunity for the business community, the international community, CSOs, and Media to participate actively in the reform process and monitor the progress made with priority reforms for Libya’s economic resilience and development.
The Reforms Guide is available for download on the EU4PSL website.