The Opening of Libya

As Libya gradually emerges from 20 years of economic isolation, international energy firms rush to grab a piece of the North African nation’s extensive untapped oil reserves. Libya has organized an intensely competitive bidding process for exploration rights, pitting companies from the US, Europe and Asia against one another in a race to secure new sources of energy. Such investment will have its challenges: Libyan infrastructure is in a sorry state, the Libyan government remains suspicious of foreign firms and nationalism lingers. Years of brutal rule, retaliation and the constant threat of confiscation of homes or businesses took its toll on the economy. But reform is slowly building trust – and Libyans reveal an entrepreneurial spirit in education, information technology, tourism and other sectors. – YaleGlobal