Industry in Libya: Industry set to Represent 30% of GDP by 2030

Suleiman Ali Al-Taif Al-Fitur, Libyan Minister of Industry, talks about the role of industry in Libya. According to Al-Fitur, the new Libya recognizes the strategic importance of industry and plans to increase the role of industry in the GDP to 30% by 2030.

“Regarding our plan for industry,” says Al-Fitur and continues: “The Ministry of Industry has a vision that is to focus on the industrial opportunities in mining in order to raise the country’s GDP. Libya is relying only on oil and yet the oil which has been refined here doesn’t cover the domestic needs so we still need to import some oil products or some fuel for our automobiles and also further gasoline from other sources. We need to diversify our economy’s supplies.”

The ministry is further inclined to open the area for local and foreign investors. Al-Fitur adds: “The Ministry of Industry is focusing on adjusting the investors and companies’ roles in order to convince and attract investors. We had some other targets which we need to review and we also need to evaluate the existing factories and industries. Shortly we will release an enquiry for the international firms linked to these activities.”

“We need to evaluate the economic, technical and environmental effect of these industries in order to promote the investments. We would also like to make public private partnerships for the operation of these factories.”

The outlook for the industry in Libya is reorganization, partial privatization and involvement of the private sector.