Libya's economy witnessed increasing privatization; although rejecting the socialist policies of nationalized industry advocated in The Green Book, government figures asserted that they were forging "people's socialism" rather than capitalism. Gaddafi welcomed these reforms, calling for wide-scale privatization in a March 2003 speech. In 2003, the oil industry was largely sold to private corporations, and by 2004, there was $40 billion of direct foreign investment in Libya, a sixfold rise over 2003. Sectors of Libya's population reacted against these reforms with public demonstrations, and in March 2006, revolutionary hard-liners took control of the GPC cabinet; although scaling back the pace of the changes, they did not halt them. In 2010, plans were announced that would have seen half the Libyan economy privatized over the following decade. While there was no accompanying political liberalization, with Gaddafi retaining predominant control, in March 2010, the government devolved further powers to the municipal councils. Rising numbers of reformist technocrats attained positions in the country's governance; best known was Gaddafi's son and heir apparent Saif al-Islam Gaddafi, who was openly critical of Libya's human rights record. He led a group who proposed the drafting of the new constitution, although it was never adopted, and in October 2009 was appointed to head the PSLC. Involved in encouraging tourism, Saif founded several privately run media channels in 2008, but after criticising the government they were nationalised in 2009. In October 2010, Gaddafi apologized to African leaders on behalf of Arab nations for their involvement in the African slave trade.
By what factor did direct foreign investment in Libya increase between 2003 and 2004?
sixfold