A meeting was held in Tunis on Friday to launch the project to set the economic diversification strategy of Libya, in the presence of Mohamed Hwej, Minister of Economy and Trade, and several officials in relevant economic institutions.
The project, which will last for 18 months, will be directed to building Libyan capacities from all sectors related to economic diversification. The project work plan was reviewed at 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 field, were reviewed.
The meeting included the participation of the EU and Expertise France, as well as many economic experts in economic diversification policies, private sector development, value chains and business and investment environments. Several studies were presented and best practices in countries with similar contexts to Libya reviewed.
Multi-step approach
The establishment of the economic diversification strategy will follow a set of steps, the first of which is defining the methodology, establishing a national committee in close cooperation with the main Libyan stakeholders, a careful assessment of the current economic situation and designing an action plan for all concerned institutions and sectors.
The Minister of Economy and Trade stressed that increasing national income, achieving social justice, and defining a national strategy for economic diversification 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 harness the Libyan potential in other sectors such as industry, agriculture, tourism, renewable energy 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.
