In search of new sources of income.. Libya is moving to reduce dependence on oil

March 30, 2024


The Minister of Economy and Trade in the Government of National Unity in Libya, Muhammad Al-Hawaij, announced a new strategy to diversify the country’s sources of income, with the aim of reducing the state’s dependence on oil exports to 40%.

According to the “Bawabat Al-Wasat” website, this announcement came during a meeting with the “Baker” Foundation for Economic and Investment Consulting, which also brought together investors and businessmen from various sectors.

During the meeting, ways of cooperation to achieve these goals were discussed, including supporting and facilitating investment in the targeted sectors.

The meeting also witnessed a review of the investment law and the benefits granted to local and foreign investors, in addition to investment opportunities in sectors such as oil and gas, renewable energy, agriculture and industry.

The Libyan Minister stressed the importance of long-term partnership with international companies to achieve these goals, and called for the participation of the Baker Foundation in developing the infrastructure to enhance trade and investment, especially in the African market. (Sputnik)

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