TRIPOLI, Nov 16 (AFP) - Libyan leader Moamer Kadhafi issued a rare call
for
foreign capital, telling a group of investors here that his long-closed
country was open to foreigners' money, state media reported Thursday.
   "Libya is serious in its desire to encourage foreign investment and the
participation of foreign capital in joint projects, not only in our country
but also in (the rest of) Africa," Kadhafi told a gathering of some 170
business representatives, including some from Europe.
   "The Libyan economic system is not opposed to investment, development,
foreign capital and foreign participation," the Libyan leader said.
   The comments were rare for Kadhafi, who as head of Libya claims to have
built a political system unique to the world. Kadhafi's Jamahiriya, or
People's Authority, has a completely pre-planned economy that is heavily
dependent on oil revenue but has no foreign debt.
   A member of the OPEC oil cartel, Libya has a production quota of
1,431,2000
barrels a day.
   In April 1999, the United Nations ended seven years of sanction on Libya
imposed for Tripoli's long refusal to turn over Libyans accused of the 1988
bombing of a US airliner over Lockerbie, Scotland, that killed 270 people.
   But the vehemently anti-US Kadhafi warned investors that they should
oppose
"those who attack development, investment and freedom of trade," accusing
Washington of "through its attacks having prevented the development of
several
countries, ranging from African countries to Yugoslavia."
   The Libyan leader said economic development needed "peace, cooperation
and
the abolition of embargoes and threats."
   Participants at the Tripoli conference, called "Development and
Investment
in Libya," noted that Libya needs to assure 35 billion dollars of investment
to carry out a five-year development plan due to start next year.
   And Libya needs 150 billion dollars in investment over the next 20 years
if
it to assure at least five percent annual growth, they said.
   afg-mh/sct/mb

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