The “Economic Diversification: Between Local Resources and Economic Diplomacy” conference, organized by the House of Representatives’ Foreign Affairs Committee and sponsored by the Central Bank of Libya, kicked off yesterday at the House of Representatives headquarters in Benghazi.
This conference is part of national efforts aimed at addressing structural imbalances in the Libyan economy and strengthening the path to economic diversification.
The opening session was attended by several political and security figures from the eastern based Libyan government, member of the High Council of State Saeed Mohammed Wanis, member of the Board of Directors of the Central Bank of Libya, Fakher Bu Farna, as well as several academics, economic experts, and representatives from the public and private sectors.
Leveraging foreign relations to attract investments
The conference began with a speech by the Chairman of the House of Representatives’ Foreign Affairs Committee, Youssef Al-Aqouri, who emphasized that economic diplomacy is a fundamental pillar for strengthening the state’s economic sovereignty. He stressed the importance of leveraging foreign relations to attract investments and establish strategic partnerships that support sustainable development.
Role of monetary policy and the banking sector
For his part, Fakher Boufarna presented on the role of monetary policy and the banking sector in supporting economic diversification efforts, noting that achieving financial stability and developing the banking environment are pivotal factors for attracting foreign investment and technology transfer.
Linking scientific output to the needs of decision-makers
The Dean of the Faculty of Economics and representative of the University of Benghazi, Yahya Lamloum, also delivered an academic address emphasizing the importance of the role of universities and research centers in formulating economic policies and linking scientific output to the needs of decision-makers.
Key themes discussed
The conference discussed several key themes, including the general framework for economic diversification in Libya, economic diplomacy and building international partnerships, attracting foreign direct investment and technology transfer, the role of the banking sector in financing development, renewable energy and the green economy, investment opportunities in the blue economy, and reforming productive sectors such as agriculture, industry, and services.
A common vision for diversification
The two-day conference, held at the headquarters of the House of Representatives in Benghazi, aims to develop a common vision that brings together academics, decision-makers and the private sector. This common vision would formulate practical recommendations that contribute to putting Libya on a path of sustainable economic development and greater ability to cope with external shocks. It would also examine mechanisms for working within the conditions of governmental division and reducing dependence on oil as a main source of national income.
