Economic Development

Growing and Diversifying the Economy

Development Pillars / Economic Development / Growing and Diversifying the Economy

Pillar Objectives

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.

Next Objective:

Enhancing Economic Stability

Transformation Projects for Growing and Diversifying the Economy

Transformation Project Profile

Transformation Project Profile

Transformation Project Profile

  • Develop a land use policy to ensure efficient, equitable, and sustainable utilization and management of land and resources
  • Implement improved and simplified procedures for transfer of privately owned land
  • Develop better legal frameworks for land registration and adjudication
  • Establish a legal framework for the adjudication of property disputes

Transformation Project Profile

  • Expand Libya’s oil and gas production capacity
  • Maximize fiscal revenues to fund improvements in government services and infrastructure
  • Facilitate the restructuring of Libya’s economy away from hydrocarbon dependence

Transformation Project Profile

  • Liquidate, sell, or attract strategic partners for state-owned entities under a comprehensive, transparent reform program with specific targets and timelines
  • Liquidate or merge non-viable state-owned entities
  • Determine the role of foreign companies and foreign direct investment in the privatization process
  • Establish procedures that ensure the transparent and equitable privatization of state-owned enterprises

Transformation Project Profile

  • Create a strategic plan for agricultural development
  • Improving Libyan food security and reducing import dependence
  • Providing job opportunities in rural and remote areas to reduce regional tensions and reduce pressure on cities
  • Opening new markets for the export of Libyan agricultural products

Transformation Project Profile