Economy Minister: Libya Capable of Achieving Digital Economy Transformation

Mohamed Al-Hwaij, the Libyan Minister of Economy and Trade, believes Libya has the resources and human capabilities to achieve a digital economy transformation. During the Maghreb Banking Forum for the reconstruction of Libya, Al-Hwaij highlighted that the Ministry of Economy and Trade has implemented various systems that aid in the digital transformation process.

Al-Hwaij stressed the importance of Maghreb and Libyan banks in the development of the digital economy sector, providing fintech solutions, and contributing to the financing of reconstruction projects in Libya. This can be achieved through the adoption of technology in financing and investment in all industrial, agricultural, service, and infrastructure activities to achieve sustainable development.

The forum’s goal is to develop smart and digital technology services to enhance banking services and create an environment for future projects in various sectors. Attendees included the deputy ministers of planning, agriculture, and animal wealth, the Libyan Consul General, and the Commercial Attaché at the Libyan Consulate General in Istanbul. Al-Hwaij’s comments indicate the Libyan government’s commitment to modernizing its economy through digital transformation.

On Thursday, Al-Hwaij met with several prominent Turkish businessmen. They discussed the return of Turkish companies to Libya, in line with the government’s action plan.

The meeting was attended by the Libyan-Turkish Business Council President, Mortada Karnafil, the Consul General Salah Al-Din Al-Kassah, and the Commercial Attaché at the Libyan Consulate General in Istanbul, Omar Derhoub, according to a statement issued by the Ministry of Economy.

The statement highlighted the “stability that Libya is currently experiencing, and the fact that the Libyan economy is the fastest-growing Arab economy in 2023.”

During the meeting, Al-Hawij emphasised that the “revitalisation of the Libyan economy lies in achieving cooperation and integration with the private sector and international participation.”

The Minister stressed the need to hold a meeting in the near future in Libya that includes Turkish companies, the General Union of Chambers of Commerce, Industry, and Agriculture, the Libyan Business Owners Council, the Libyan Industry Union, and relevant entities to discuss opportunities for cooperation and investment.