Boushiha: International Geopolitical and Economic Shifts Have Renewed Libya’s Strategic Importance

Doha, October 26, 2026 (LANA) – Minister of Economy and Trade of the Government of National Unity, Suhail Boushiha, affirmed that international geopolitical and economic shifts have once again highlighted Libya’s strategic importance, given that the country holds Africa’s largest proven oil reserves and its resources play a significant role in energy security and supply stability.

Boushiha made the remarks in a speech at the 2026 World Investment Forum, organized by the United Nations Conference on Trade and Development (UNCTAD) in the Qatari capital, Doha. The event was attended by Mustafa Manaa, Head of the Executive Team for Initiatives at the Prime Minister’s Office; Ali Mahmoud, Chairman of the Libyan Investment Authority; and Mohammed Abu Halaqa, Director General of Government Communication, alongside ministers, government officials, and representatives of economic and investment institutions from around the world.

Boushiha stressed that Libya’s vision is not limited to exporting resources, but rather aims to transform the country’s strategic importance into productive investments, added value, and sustainable economic diversification.

He said that Libya, under the leadership of the Government of National Unity, is working to move from the stage of restoring economic activity to one of economic development, improving the business and investment environment, and strengthening the country’s integration into its regional and international surroundings. These efforts are intended to create favorable conditions for attracting high-quality investments and expanding partnerships with international institutions and companies.

The minister noted that average development spending over the past four years amounted to approximately $10 billion annually, explaining that this expenditure forms part of efforts to develop infrastructure and establish the conditions necessary to support economic growth and stimulate investment.

He also emphasized the importance of viewing these efforts as an investment in the Libyan economy’s capacity to attract projects, improve trade efficiency, and expand opportunities for the private sector to contribute to economic activity.

According to the Ministry of Economy, Boushiha added that developments witnessed at the beginning of 2026, including engagement and partnerships with major international companies, reflect a trend toward strengthening Libya’s presence on the global investment map. He noted that these developments underscore the importance of building on the capabilities of the Libyan economy to open new horizons for cooperation and investment.

The minister concluded by emphasizing that international changes highlight Libya’s importance, strategic location, and economic resources. He said the state’s efforts aim to translate these assets into tangible investments and strategic partnerships that contribute to building a more diversified economy, strengthen its integration into the global economy, support sustainable development, and expand opportunities for economic growth.

...(LANA)...