Launch of the project to define Libya’s economic diversification strategy

A meeting was held on Friday in Tunis to launch the draft definition of Libya’s economic diversification strategy, in the presence of Mohamed Hwej, Minister of Economy and Trade, and several officials of the economic institutions concerned.

The project, which will last 18 months, will aim to strengthen Libyan capacities in all sectors related to economic diversification. The project work plan was discussed during the meeting with the participation of a number of Libyan and international experts. Possible mechanisms for investing in economic opportunities in Libya, as well as some successful international experiences and practices in this area, were reviewed.

The meeting included the participation of the EU and Expertise France, as well as numerous economic experts in economic diversification policies, private sector development, value chains and the business and investment environment. Several studies were presented and best practices in countries with similar contexts to Libya were reviewed.

Multi-step approach
The implementation of the economic diversification strategy will follow a series of steps, the first of which is the definition of the methodology, the establishment of a national committee in close collaboration with the main Libyan actors, a careful assessment of the current economic situation and the design of an action plan for all institutions and sectors involved.

The Minister of Economy and Trade stressed that increasing national income, achieving social justice and defining a national economic diversification strategy are among the priorities of the Ministry of Economy and Trade.

He also stressed the importance of the economic diversification strategy to develop the service and production sectors, reduce dependence on oil and exploit Libya’s potential in other sectors such as industry, agriculture, tourism, renewable energies and others.

The development of the Libyan economic diversification strategy is part of the E-NABLE project funded by the European Union and implemented by Expertise France to support a resilient and sustainable Libyan economy.

Comments are closed.