The House of Representatives (HoR) launched a conference titled “Economic Diversification: Between Local Resources and Economic Diplomacy” on Saturday in Benghazi. The conference was organized by the House’s Foreign Affairs Committee.
The opening session was attended by a wide range of officials, including members of the House of Representatives and the High Council of State, ministers, members of the Central Bank’s board of directors, and a select group of academics, economic experts, and representatives from the public and private sectors.
It was explained that the conference is part of efforts to address structural imbalances in the Libyan economy and to explore new tools for supporting economic diversification, thereby reducing over-reliance on the oil and gas sector.
House of Representatives
The House of Representatives is the lower chamber of the United States Congress, established by the Constitution in 1789. It is composed of representatives elected from congressional districts, with representation based on state population.
Benghazi
Benghazi is a major city in eastern Libya, historically significant as a center of trade and culture since its founding as the ancient Greek colony of Euesperides. It played a pivotal role in Libya’s modern history, serving as the provisional capital after the 2011 revolution and being the site of a major 2012 attack on a U.S. diplomatic compound.
High Council of State
The High Council of State is a governmental body in Libya, established as part of the 2015 Libyan Political Agreement. It was designed to serve as an advisory and consensus-building authority, representing a broad spectrum of Libyan society and political factions during the country’s transitional period following the 2011 civil war.
Central Bank
The Central Bank is a nation’s primary monetary authority, responsible for managing currency, controlling interest rates, and ensuring financial stability. Its modern form emerged in the 17th century, with Sweden’s Riksbank (1668) and the Bank of England (1694) often cited as early models, established to finance government debt and stabilize the banking system.
National Oil Corporation
The National Oil Corporation (NOC) is the state-owned oil company of Libya, established in 1970 to manage the country’s hydrocarbon resources. It oversees all aspects of Libya’s oil and gas production, from exploration to export, and has been a central pillar of the national economy since its founding.
