'Libya must decrease oil dependency'

[tolibya]

Tripoli – Libya’s leader has said that his country needed to decrease its reliance on oil, foreigners and imports.

Moammar Gaddafi said Libya needed to start manufacturing goods for its consumers rather than importing such goods.

Gaddafi criticised: "We don't produce anything. We sell only oil and consume everything.”

Gaddafi said the country was heading for a “catastrophe” unless it reformed its economy off oil.

Experts believe the restoration of diplomatic ties with the United States would make it easier to gain access to non-oil sector foreign investment, while much needed infrastructure development could help finance growth in the non-oil sector. -BiA Online