Gaddafi courts Italian investors

Muammar Gaddafi on Friday courted Italian investors with a promise of priority treatment, saying oil-rich Libya could act as a gateway to fast-growing Africa. “Italian companies will have priority in Libya and we will not favour the supply of gas and oil to other countries at the expense of Italy,” the Libyan leader told an enthusiastic audience at Confindustria, the Italian business lobby, in Rome. Libyan officials confirmed that Libya, which has built a $70bn sovereign wealth fund on its oil and gas exports, planned to spend $12bn on attracting foreign investment, including five-year tax breaks, free trade zones, cash grants and joint venture projects. Italy is Libya’s largest trading partner and already has over 100 companies present in Libya, its single largest source of oil. Emma Marcegaglia, Confindustria president, said Libya would become an important gateway to northern Africa for Italian business. Mr Gaddafi drew applause when he said Silvio Berlusconi, centre-right prime minister, had achieved what a left-wing Italian government would not have done in being able to provide great opportunities for Italian companies. Businessmen also applauded his promise to expel any Italian companies found involved in corruption. Mr Berlusconi apologised last August for Italian colonial rule from 1911 to 1943 and promised $5bn in reparations to be paid over 20 years. The Libyan leader’s visit to Rome, his first since seizing power 40 years ago, has drawn protests from human rights groups, opposition politicians, students and Italian Jews who had property confiscated in Libya in the 1970s. Controversy over Mr Gaddafi’s visit, during which he has lectured his hosts over Italy’s Fascist past, reached a climax last night when Gianfranco Fini, speaker of parliament, cancelled an address the Libyan leader was supposed to give because he was nearly two hours late. Mr Fini, former leader of the post-Fascist National Alliance, got a standing ovation from some 200 guests who had been kept waiting in parliament’s most prestigious ballroom where Italy’s 1948 constitution was signed On Friday he courted more controversy by addressing a woman-only audience, as he had done on a previous visit to France. The Italian women – from politics, media, industry and the jet-set – were selected by Mara Carfagna, equal opportunity minister and a former topless model. No members of the opposition were present.

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