Plans to develop industries and diversify Libya’s sources of income
Posted – 26th May 2021
The Minister of Industrial and Minerals plans to diversify the country’s sources of income and supporting the private sector
For decades, Libya’s industries have deteriorated due to the country’s reliance on oil, the country now imports 85 percent of its commodities, coinciding with the absence of solid plans by all prior governments.
Ahmed Abohisa is the Minister of Industrial and Minerals in the Government of National Unity (GNU), since entering office has begun industry development programs to ensure the diversification of State sources in an effort to build the groundwork for a gradual diversification of revenue streams to finance the public purse.
According to Abohisa, during a recent meeting of the Ministry’s structures, there were intentions to promote the private manufacturing sector.
The Minister of Industry and Minerals remarked during his meeting with departmental directors that there was no economic identity, this contributed considerably to the demise of local industries.
Experts viewed the Minister’s move as positive, but they felt it needed to be articulated further in terms of the importance of the local market, the number of factories, and their geographic distribution.
Libya’s public treasury is funded by approximately 97 percent by oil and gas income.
The paucity of statistics in Libya indicating the number of industrial zones and operational and damaged facilities, whether public or private, obstructs the Ministry’s ability to determine Libya’s industrial capacity.
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