The ‘‘First Economic Conference on Diversifying Sources of (Libya’s) Income’’ was held at a Tripoli hotel last Monday (13 October).
This conference, sponsored by Zintan Free Zone, is held within the framework of a national vision aimed at building a balanced and sustainable economy that opens new horizons for youth and entrepreneurs and contributes to achieving economic security for the Libyan state.
The event discussed innovative and creative investment opportunities in the digital economy, small and medium-sized enterprises, the green economy, and creative industries, in addition to discussing ways to support the entrepreneurial environment in Libya.
A group of economists, investors, and entrepreneurs participated in the conference, as part of efforts to consolidate a culture of economic diversification and enhance the financial independence of individuals and institutions.
Speakers called for activating public-private sector partnerships and providing a legislative environment conducive to investment. They emphasized that diversifying income sources represents a strategic option to ensure economic stability and confront changing global challenges.
Speakers also called for a diversified and sustainable Libyan economy, by focusing on renewable energy, transit trade, tourism, industry, and everything that would raise the efficiency of the national economy. These would create job opportunities for youth, and contribute to eliminating unemployment, leading to reducing dependence on oil and gas as a major source of income.
Opening international partnerships
The conference also called for opening partnerships with international companies in the fields of nuclear energy, solar energy, shipping, and other promising sectors.
US$ 19 billion spent on energy annually
It was stated at the conference that Libya ‘‘wastes’’ US$ 19 billion annually on energy consumption, which, if optimally directed, could be used to construct more than 300 thousand housing units for youth and the needy.
A holding company for the alternative economy
The conference proposed the establishment of a holding company to invest in ‘‘the alternative economy’’. In this company, every Libyan citizen can contribute by buying shares that are offered on the stock market at a nominal price per share. This would enable every Libyan citizen to participate in improving their own conditions and contribute to the advancement of the national economy towards a better future.
