In this Global Platform video, Hussein Mohamed Altaher Issa, CEO, Aletah Group, talks about Libya's economic transformation and the emerging opportunities in the country. Previously reliant on oil as its main source of income, business leaders are envisioning alternative avenues for economic growth. Misrata, the third-largest city, presents logistical advantages and a thriving seaport, making it an attractive destination for investment. Libya's shift towards becoming a manufacturing economy, coupled with ongoing reconstruction projects such as the Tripoli International Airport, demonstrates the country's potential for development across various sectors, including technology and digital payments. Despite the perception of instability, Libya welcomes projects and investment that can contribute to its economic success.
Libya, the economy, and its people all their income was tied to oil. After the revolution, even though there was instability, due to the change in government from year to year, people started to have hope and started thinking outside the box. Oil is temporary, so we have to think of alternatives. Once people come here, they will see that it's different. They will change their opinion. Entrepreneurs will think about investing in Misrata to get the right people with the right mindset.
Speaking of Misrata, it is the third-biggest city in Libya, and is attractive logistically, for investment and for its seaport. The current seaport was built in 1978, handling 53% of container traffic in Libya. And the there is a vision of expansion for transit shipments that go to Africa. Today, we don't have any railways. The only way to ship goods inside the country is through trucks. So, there will be opportunities to expand the sector, to have railways here and to expand the airlines.
The Tripoli International Airport was destroyed during the revolution, and now there are several construction companies working on renewing the airport. The location of Libya as a hub can provide more opportunities for trans-shipment to and from Europe.
Libya has shifted from a consumer country to a manufacturing country that can meet most of its manufacturing needs locally. Even with all of the instability, and the change in government, people are working, and there's a revolution happening in industries. We as the private sector and business people have diversified our business in the manufacturing sector. For example, when we started our company, in 2017, in our factories to produce food locally, we started with milk, juice and cheese.
We have a short-term vision to offer other niche natural products like ice cream. Today, we have more than 700 employees working in our food industry and we’re thinking of expanding to 1300 in the coming year. Today, if you talk about Libya in general, we have only one ice cream factory in the whole country, which is not going to fulfil even 30 or 40% of consumption. We have some sectors that have not produced anything locally, so I think the opportunity to invest inside the country is really high.
I think the sectors that are going to have the highest opportunities to invest and for foreign companies to come here would be in technology in general. The demand of the market is on technology, shopping is all based on cash, it's a cash economy. So I think there's an opportunity where people can find a better solution to pay instead of carrying cash. We established a payment solution company called Obour. The company is a a joint venture with Jumhouria bank. We create plastic money for accountholders.
And we have other projects to change all payments to be digital, so the opportunity for big data is coming.
People are tired of war and instability. Most foreigners, when we talk to them about Libya right now will think Libya is a war zone, and unsafe. But this is the opposite.
Anybody who comes and stays here for even a day or two will see the difference. It's not like what you see in the news.
Libya is thirsty for any project and investment can succeed.
