The Libyan House of Representatives held a high-level conference on Saturday in Benghazi titled “Economic Diversification Between Local Resources and Economic Diplomacy,” marking a renewed push to address long-standing structural weaknesses in the country’s economy and reduce its heavy reliance on oil revenues.
The event, organized by the parliament’s Foreign Affairs Committee and sponsored by the Central Bank of Libya, brought together senior officials, policymakers, academics, and representatives from the public and private sectors. The wide participation reflected growing recognition that Libya must adopt a more balanced and resilient economic model capable of withstanding global market fluctuations.
Among those attending the opening session were National Security Advisor Lieutenant-General Abdulrazek Al-Nathouri, Investment Minister Ali Al-Saeedi, High Council of State member Saeed Mohammed Wanees, and Ibrahim Bushnaf, head of the National Committee for Monitoring Prison Conditions, as well as economic experts and specialists.
For his part, Spokesman for the Libyan Parliament, Abdullah Blaiheg stated that the conference aims to examine practical tools to stimulate diversification, attract foreign and domestic investment, and strengthen economic diplomacy as a mechanism for building international partnerships.
He emphasized that Libya’s dependence on oil and gas exports has exposed the economy to repeated shocks, limiting sustainable development and long-term stability.