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9 EDITORIAL BusinessToday is published every Thursday. The newspaper is a MediaToday publication and is distributed to all leading stationers, business and financial institutions and banks. MANAGING EDITOR: SAVIOUR BALZAN EDITOR: PAUL COCKS BusinessToday, MediaToday, Vjal ir-Rihan, San Gwann SGN9016, Malta Newsroom email: bt@mediatoday.com.mt Advertising: afarrugia@mediatoday.com.mt Telephone: 00356 21 382741 LIBYA has a new presidential council and executive after a UN-sponsored Libyan forum agreed on the transi- tion team to lead the country to na- tional elections in December. e decision made by the 74 mem- bers of the Libyan Political Dialogue Forum in Geneva last week was de- scribed by the UN Special Represent- ative as another "historic moment" on the road to unification of the war- torn country. e aim is to hold national elections across all of Libya on 24 December and unify the country that has been split between rival administrations in Tripoli and Benghazi. e road will not be easy and a healthy dose of scepticism is more than justified. Since the ousting of Muammar Gaddafi in 2011, Libya has had many false starts, a situation made worse by meddling of foreign powers on either side of the divide. is latest effort brings new hope because it was achieved by Liby- ans themselves. e dialogue forum brought together people from across the country's complex social, politi- cal, tribal and economic make-up. Libya urgently needs to de-mili- tarise. ere are simply too many weapons in the hands of private mi- litias and individuals that makes re- storing security a major priority. Libya needs to start unifying its institutions, not least its police and army, to start bringing about a sense of security that is necessary for pros- perity. e second track is economic. e country's divisions have wasted Lib- ya's potential that exists to generate prosperity for its people. Vast oil re- serves cannot be tapped, the tourism potential has been buried, investment by foreign firms shackled because of uncertainty. To achieve this will require a lot of patience, more dialogue and political support from Libya's neighbours and key foreign powers. Within this context, Malta's long- held belief that solutions in Libya must be found by Libyans themselves, is of paramount importance. Malta must act as a facilitator of dialogue. Stability and prosperity in Libya will bring about greater stability in the southern Mediterranean region. is is one area where the EU can do much more. e recent adoption of a joint communication between the European Commission and the High Representative, proposing a new agenda for the Mediterranean is a step in the right direction. e agenda aims to relaunch and strengthen the strategic partnership between the EU and its southern neighbourhood partners. Under the new EU's Neighbour- hood, Development and Internation- al Cooperation Instrument (NDICI), up to €7 billion for the period 2021- 2027 would be allocated to its imple- mentation, which could mobilise up to €30 billion in private and public investment in the region in the next decade. Malta must ensure that Libya is not overlooked by the EU in funding op- portunities that will arise in the com- ing years. Lasting change in Libya will happen when security returns and prosperity starts to reach people. Libyans will have to chart out their own future but the EU can do a lot to support that process. Maltese businesses lost out when Libya descended into turmoil. Air Malta also lost a lucrative route to Tripoli because of safety concerns. Recovering these losses is not going to be straightforward but a glimmer of hope has risen once again over the horizon. Malta and the EU have an interest in nurturing that hope so that Libya can once again be a secure and pros- perous nation. Nurturing hope in Libya 11.2.2021 Head of the Libyan Arab Armed Forces delegation A. Amhimmid Mohamed Alamami (left) and Head of the Government of National Accord's (GNA) military delegation Ahmed Ali Abushahma shaking hands next to deputy special representative of the UN Secretary-General for Political Affairs in Libya Stephanie Williams on October 23, 2020 in Geneva

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