Growing and Diversifying the Economy
The large role the government plays in the economy, weak public institutions, and regulatory deficiencies have led to barriers for private sector development. The experience of other emerging nations has shown that industrial clusters are an effective strategy for catalyzing local and national economic development alongside reforming the enabling environment for business and investment. Libya can broaden and deepen its economy by consolidating its leading position in the energy sector while developing industrial clusters in new sectors with future potential such as renewable energy, tourism, agriculture, business process offshoring, and transport and logistics.
Transformation Projects for Growing and Diversifying the Economy