Libya is on track to sustained energy sector growth that will likely translate into accelerated economic recovery. As the country pursues increased investment in key oilfields, upcoming projects, and infrastructure developments, the Libya Energy&Economic Summit 2021, currently taking place in Tripoli, comes at a critical time in Libya’s industry transformation. Day two of the Summit saw introductory messages from Ministers and industry leaders, paving the way for a full day of networking and collaborative discussions.
Notably, an introductory message by H.E. Mohamed Hwej, Minister of Economy and Trade, Libya, provided insight into how the country is planning to drive growth in 2021 and beyond.
“Libya is on its way to achieve and aspire in this field, on an energy and economic level. Urgent investments are needed in the field, and we are looking to provide a better environment,” stated H.E. Hwej.
The second Ministerial introductory address by H.E. Ali Al-Rida, Minister of Labor and Rehabilitation, Libya, extended on this narrative, with the Minister promoting the role that international oil companies (IOC) and the energy sector will play in scaling up job creation for the local population.
Meanwhile, Wiam Al-Abdali, Chairman of the General Electricity Company of Libya (GECOL) promoted power generation opportunities in Libya. The country is focused on expanding the national grid, introducing alternative power generation solutions, and scaling up its renewable energy sector. Accordingly, Libya is inviting investors to capitalize on the significant opportunities available across the country, with the Summit serving as a driving force of deals that will advance sectoral progress.
“The Libya Energy&Economic Summit 2021 in Tripoli is a great support of the Libyan state in this critical time,” stated Al-Abdali.
Similarly, Yosef Ahmed Almabrook, Deputy Chairman, Libyan Investment Authority, promoted the range of investment opportunities in the country. Across multiple sectors and spanning the entire value chain, Libya represents a lucrative destination for both regional and global financiers and stakeholders.
“Working on renewable energies isn’t a one country job,” stated Almabrook.
With Libya pursuing alternative power generation solutions, Hamid H. Sherwali, Head of the Renewable Energy Authority of Libya, provided insight into how Libya can position itself as both a competitive green investment destination and leading renewable energy market. The country is blessed with abundant solar potential, with the resource holding the potential to meet both domestic and regional power demand. By directing investment in renewables, the country can drive development as well as associated economic growth for years to come.
As day two of the Libya Energy&Economic Summit 2021 officially commences, insightful discussions, meaningful debates, and critical engagement sessions will not only provide critical information on the formidable energy sector, but will introduce regional and international stakeholders to key opportunities within the Libyan energy landscape.
Distributed by APO Group on behalf of Energy Capital&Power.