Libyan deputy chairman reaffirms need for private sector involvement in Africa's economic development
Tripoli, Libya (PANA) - The Deputy Chairman of the Libyan Presidential Council, Abdallah al-Lafi, has said that Africa needs more work and coordination and the involvement of the private sector in the process of global transformation for its economic development.
He said this on Friday in Niamey, Niger, while addressing the opening session of the African Union (AU) Extraordinary Summit on Industrialization and Economic Diversification in Africa and the Special Session on the African Continental Free Trade Area (AfCFTA).
Mr. al-Lafi stressed that the organization of this meeting and the important documents that would emerge from it would contribute to giving more impetus to all the national and continental efforts to diversify the African national economies.
He stressed the achievement of more independence and African political will in the success of national plans and programmes to develop the manufacturing sector, open up other areas to diversify the economy and make development and investment a continental priority.
The Libyan official stressed the implementation of previous commitments as well as unified positions, including the African commodity strategy, and the unified African position on recovering looted funds, preventing the flight of financial flows out of the continent and mobilizing revenues to invest in the youth.
The Libyan Council deputy chairman called for awareness of the importance of industrialization and its impact on eliminating unemployment, developing the labour market and creating socialization opportunities as a result of the ongoing development in this sector, as well as through horizontal expansion in these areas, in a way that leads to economic diversification.
Mr. al-Lafi affirmed that Libya sought, despite the exceptional circumstances it was going through, to make every effort through its institutions and agencies concerned with the fields of industrialization to support the national economy, diversify it, provide basic products and invest in the development of the industrial sector.
He stressed that Libya was associated with many agreements and treaties and was making efforts to support continental industrialization, especially in the fuel and food sectors, through its investments in many African countries, while internally, the industrial sectors and economic performance were still struggling to reach better levels.
The African Union Extraordinary Summit on Industrialization and Economic Diversification in Africa and the Extraordinary Session on the African Continental Free Trade Area (AfCFTA) opened on Friday in the capital, Niamey.
It is being attended by leaders of the African Union member states to discuss cooperation in the fields of industry and development.
The agenda of the summit, in its 17th. session, will discuss industrialization policies, economic diversification, the African Free Trade Area, as well as the activation of the African Continental Free Trade Agreement and technological innovation and regulatory capacity to improve industry performance.
-0- PANA BY/JSG/BBA/RA 26Nov2022
