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Libyan Economy Minister Calls to Activate Libyan Stock Market

January 3, 2024
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The Libyan Minister of Economy, Ali Al-Hwaij emphasised the crucial role of activating the Libyan stock market, in driving economic growth and attracting both local and foreign investments. This step is seen as pivotal in revitalizing the small and medium-sized enterprise sector.

This statement was made during Al-Hwaij’s visit to the Tripoli Stock Exchange headquarters on Tuesday. He met with Bashir Ashur, the Chairman of the Stock Exchange’s Board of Directors. The visit was part of his ongoing efforts to monitor the progress and operations of the financial market.

During the meeting, Al-Hwaij urged the Board of Directors to initiate the offering of shares and various financial instruments, such as Islamic bonds (Sukuk).

Last month, Al-Hwaij, along with the Chairman of Libya’s Trade Network, Mohamed Al-Darwish presided over the inauguration of the Mawthooq platform. This platform is designed for the registration and accreditation of e-commerce stores.

This initiative was part of a workshop organized by Libya’s Trade Network, which operates under the ministry. The workshop was focused on regulating e-commerce stores in the Libyan market.

According to a statement, the workshop included several dialogue sessions, aimed at familiarizing attendees with the regulatory framework for operating e-commerce stores, in accordance with the approved guidelines and classifications. Additionally, the mechanism for registering stores on the Mawthooq platform, and obtaining the necessary permits for e-commerce operations were discussed.

The event was attended by the Deputy Minister for Economic Affairs, the Deputy Minister for Free Zones, the General Manager of the Credit Guarantee Fund, and representatives from the Central Bank of Libya (CBL), the General Authority for Communications and Informatics, the Libyan Telecommunications and Technology Holding Company, financial services, and electronic payment companies, as well as academics and various e-commerce store owners.

The workshop concluded with recommendations to support and develop the infrastructure of the e-commerce sector. The participants called for the involvement of all relevant entities in organizing e-commerce stores, through the Mawthooq platform.

Tags: Econimy MinisterlibyaMohamed al-HwaijStock Market
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