Under the auspices of the Council of Ministers of the Government of National Unity in the State of Libya, the Nineteenth Conference of Arab Business Owners and Investors was held in the capital, Tripoli, in the west of the State of Libya, during the period 28-29 November (November) 2021, under the slogan of investment and the return of life, organized by the General Federation of Chambers of Commerce, Industry and Agriculture in Libya, the Union of Arab Chambers, the General Secretariat of the League of Arab States, the Arab Investment and Export Credit Guarantee Corporation, and Al-Iktissad Wal-Aamal Group.
The conference was distinguished by the presence of a number of senior Libyan, Arab and international figures and officials concerned with investment, leaders of the chambers of commerce, industry and agriculture in the Arab countries, joint Arab-foreign chambers, specialized Arab economic organizations and unions, Arab economic, financial and social institutions, development banks, Arab financing and development funds, and investment promotion authorities in Arab countries, Arab business owners, investors and entrepreneurs, leading international media professionals, and international and Arab experts in the economic, financial and social fields. The number of participants reached more than 500 participants from various high-level specializations.
The conference was initiated by Mohamad Al Raiid, the Chairman of the General Federation of Chambers of Commerce, Industry and Agriculture in Libya, who welcomed and thanked the participants, praising the support provided by the Government of National Unity for this conference, and the efforts made by the organizing authorities. He also stressed the aspiration to the bright future that the people of Libya aspire to, especially that the state has laid the first building block to support and diversify the economy through a life-return plan that is implemented in partnership with the private sector.
The Secretary-General of the Union of Arab Chambers, H.E. Dr. Khaled Hanafy, emphasized that the crowd and the large participation that exceeded expectations in this conference is an important evidence of Libya’s truly return to life again, as there is participation from the private sector from 14 Arab countries, from 3 foreign countries, and from Arab labor organizations jointly led by the League of Arab States. He also pointed out that this conference was launched in 1984 in Saudi Arabia and held a series of successful conferences, the last of which was in Bahrain and then here in the promising Libya. Hanafy pointed to the consensus on international estimates of large expected rates of economic growth in Libya, which reveals that the door has become open to investments in various fields, especially that oil revenues are not less than 30 billion dollars annually. He praised the new vision that was launched, which entails a major transformation and change in the structure based on the advantages and focal points represented by logistics thanks to the location and the African depth, not to mention the deep-rooted Arab ties, which would allow Libya to become an economic hub and not just a consumer market, calling for crossing to projects that achieve the aspirations of the Libyan people.
Mr. Raouf Abou Zaki, the CEO of Al-Iktissad Wal-Aamal Group, considered that the mere convening of the conference constitutes a success for Libya, pointing out that the various economic energies and capabilities are on the verge of a wide investment movement, and therefore the importance of establishing stability because of its importance for the future of Libya.
The Chairman of the Board of Directors of the General Authority for Investment Promotion Affairs and Privatization, Dr. Jamal Al-Lamoushi, who indicated that the economy is not just about building a factory or constructing a building, in fact, it is about building energies and minds and the active participation of the people of Libya in production and wealth, especially by making use of modern technology, building modern and smart cities, medical cities and pioneering projects, and investing in resources, especially in the field of oil. Dr. Jamal Al-Lamoushi also stressed that the new policy is based on mutual benefit and entering into real partnerships to build cities and industrial clusters.
The President of the Arab League Center in Tunis, His Excellency Dr. Mohamed Saleh bin Issa, spoke about the importance of the conference and the opportunities it represented for investment and for strengthening Arab cooperation, especially since it demonstrated over the course of its convening the extent of its importance in Arab economic and social development projects. He stated that the Arab League is in the process of preparing a draft of a new Arab agreement for joint Arab investment that would contribute to promoting the inter-Arab investment.
The Minister of Economy and Trade in the State of Libya, His Excellency Mohammed Al-Huweij, welcomed the attendees, noting that what Libya experienced increased the pace of stumbling in development projects and the return to life of its economy with the investments and projects of Arab business owners. Adding that investment is a partnership and an added value, as Libya is now in a constructive phase to move from rentier state to knowledge and modernity, based on a new plan that includes many incentives to encourage investment in various fields and sectors that Libya needs.
The Governor of the Central Bank of Libya, H.E. Saddek Omar El Kaber, referred to the important role played by the Central Bank in order to achieve the greatest degree of monetary and financial stability, as well as to provide full support to the Libyan and Arab private sector.
The speech of the Prime Minister of the Government of National Unity in the State of Libya, Eng. Abdul Hamid Dbeibeh, was delivered by his deputy, H.E. Ramadan Boujnah, who stressed that the Government of National Unity is working hard to achieve stability and the participation of all segments of society in the development process. He furtherly called on Arab business owners to consolidate their relations with their counterparts in Libya hand in hand for the sake of progress and development.
