Tripoli, Libya – Prominent Libyan businessman Ahmed Al-Ghazali has expressed optimism regarding Libya’s economic outlook, stating that the country is on the cusp of a promising new economic era.
His remarks come as Libya hosts the Libya Energy and Economy Summit in Tripoli this week, drawing interest from global energy corporations as well as leaders across the Libyan political spectrum.
“The whole world is closely watching, waiting for the moment when Libya’s immense unutilized resource potential is unlocked for investment,” said Al-Ghazali in an interview on the summit sidelines.
Al-Ghazali, local partner at the international firm Energy Capital & Power and head of the American Chamber of Commerce in Libya, touted Libya’s vast oil, gas and solar resources as assets that position the country as an attractive destination when it comes to foreign direct investment.
He stated that accelerating government policy initiatives aimed at economic growth, paired with burgeoning public-private sector cooperation, signals Libya is preparing to enter a new phase of promising development.
Analysts concur that realizing Libya’s economic promise relies heavily on expanding energy production and establishing a functional framework for outside investment – objectives the Libya summit aims to advance. However, political stability remains crucial.
Al-Ghazali closed by predicting that unlocking Libya’s economic promise would “achieve prosperity for its people and contribute to regional and international stability.”