Latest news with #MohamedAl-Hwej
Libya Herald
6 days ago
- Business
- Libya Herald
Minister of Economy discusses regulating priorities of market needs and import budget
The Tripoli based Libyan Minister of Economy and Trade, Mohamed Al-Hwej, held a meeting at the Ministry's Tripoli office today, in the presence of the advisory team and the Director of the Internal Trade Department, within the framework of following up on the mechanisms of regulating import operations through banking instruments, and preparing the import budget to ensure that the needs of the local market are met according to priorities. Small traders call for support with easier payment mechanism The meeting addressed the most prominent challenges facing companies and suppliers in completing import procedures through commercial banks, including difficulties related to the use of approved banking instruments. Several representatives of companies and traders also called for the Ministry's intervention at the Central Bank of Libya to facilitate procedures and support small traders, by activating electronic means of payment and organizing import operations to achieve competitive justice in the local market. Harmonizing monetary, financial and trade policies For his part, the Minister confirmed that the Ministry has developed an integrated vision to regulate the import budget, and that it is in the process of presenting this vision during an upcoming meeting that brings together the Governor of the Central Bank of Libya, the Minister of Finance, the National Economic and Social Development Board (NESDB), and the President of the General Union of Chambers of Commerce, Industry and Agriculture. This vision aims to harmonise monetary, financial and trade policies in a way that serves the national economy, strengthens the dinar, and helps the Central Bank in implementing its policies for economic reforms in line with the three financial, commercial and monetary policies. Analysis: Tension between the CBL and the Ministry – Achieving a balance It must be noted that there exists, and has existed for decades, a fundamental tension between the aims of the Central Bank of Libya and the Economy Ministry. Monetary control On the one hand, the Central Bank of Libya wishes to achieve monetary control, the reduction of the cash economy and inflation, and defending the foreign exchange value of the Libyan dinar through limiting imports to those transacted through banking instruments such Letters of Credit (LCs). LCs force importers to deposit their cash into their bank accounts. Smooth supply of goods to keep prices down On the other hand, the Economy Ministry aims to ensure the smooth flow of the import of goods to supply the market, including enabling the large number of small importers who operate largely using cash through the foreign exchange black-market. Typically, these smaller importers would react to short-term gaps in the market or offers of discounted goods abroad to strike fast deals. They would be traders who would buy goods in neighbouring Tunisia or Egypt and quickly transport them by road across the borders. Another important sub-category are fresh fruit and vegetables importers buying in cash from Egyptian or Tunisian farmers/middlemen who do not use the bureaucratic and slow banking system as a mode of receiving payment. Redistribution of wealth, helping SMEs, creating enterprise and jobs Moreover, the strata of cash-paying importers is usually made up of SMEs that the government does not have to find jobs for. They are an enterprising group of small businesses who create jobs. A complete clampdown on their activities would lead to other possible economic and social negative consequences. It would be seen as an attack on the poorer in favour of what is referred to in Libya as the ''fat cats'' that open LCs in the millions. The CBL policy has failed before The Central Bank of Libya seeks to stop imports that are not paid for through banking instruments in its fight against the black-market and its defence of the FX rate of the dinar. However, this policy has been attempted in the past – unsuccessfully. Such a complete shutdown had led to a shortage in the supply of goods, the hoarding of goods and sharp price rises. The price rises had resulted in political pressure on the government of the day and a relenting and reversal of the policy. There are fundamental flaws in Libya's monetary and financial system leading to distortions in the market and the economy. The independent-from-the-government Central Bank of Libya and the government must arrive at a workable compromise solution whereby goods arrive regularly and smoothly in the Libyan market while the negative effects of the FX black-market and inflation are negated, and the weak dinar is defended.
Libya Herald
6 days ago
- Business
- Libya Herald
Minister of Economy discusses trade movement through Ras Jedir Libyan Tunisian land border
The Tripoli based Libyan Minister of Economy and Trade, Mohamed Al-Hwej, discussed the progress of trade movement through the Ras Jedir Libyan-Tunisian land border, during a meeting held yesterday at the Ministry's Tripoli office. The meeting was held in the presence of the Director General of the General Union of Chambers of Commerce, the President of the Libyan Tunisian Chamber of Commerce, several of owners of Libyan industrial and commercial companies dealing with the private sector in Tunisia, and the Director of the Quality Department at the National Centre for Standardization and Standards. The meeting was dedicated to discussing the problems and obstacles facing Libyan companies in exporting local products to the Tunisian market, which have obtained a certificate of conformity to the approved standards, which allows the entry of Libyan goods into the Tunisian market under the agreement of recognition and ratification of the certificate of conformity in both countries. The Minister confirmed that the Ministry of Economy and Trade has concluded a number of trade agreements and memoranda of understanding with the Tunisian Ministry of Trade, under the auspices of the Libyan Prime Minister, within the framework of supporting economic cooperation and trade exchange between the two countries. He also directed the competent departments of the Ministry and the Libyan Tunisian Joint Chamber of Commerce to organize a meeting with the Tunisian side and the relevant Libyan institutions and centers. The meeting is to seek to solve the problems and obstacles facing the trade movement between the two countries, and to follow up on the implementation of the demands of the owners of the companies regarding the technical and control procedures in coordination with the competent authorities in the Libyan state.
Libya Herald
30-06-2025
- Business
- Libya Herald
Libyan and Omani Economy Ministers meet – agree to activate several existing agreements and hold a business forum
The Tripoli based Libyan Minister of Economy and Trade, Mohamed Al-Hwej, met with the Minister of Economy of Oman, Saeed Al-Saqri, in Tripoli yesterday. The meeting was held on the sidelines of the meetings of the Board of Trustees of the Arab Planning Institute being held in Tripoli and comes within the framework of strengthening and developing relations between the two countries. The meeting was held with the participation of Mr. Mohamed Al-Zidani, Acting Minister of Planning and Abdullah Fahd Al-Shami, Director General of the Arab Planning Institute, where many topics of common interest were discussed reflecting the desire of the parties to strengthen economic cooperation. Activating the signed economic and commercial agreement It was agreed to activate the economic and commercial agreement signed between the two countries in October 2009 in Tripoli, which aims to facilitate the exchange of goods, services and investment between two countries and reduce and exempt some agricultural and industrial products from customs duties. Activating the Libyan-Omani Joint Committee Activating the Libyan-Omani Joint Committee to follow up on the implementation of the terms of the agreement and develop cooperation in the fields of oil and gas, transportation, health and tourism, was also agreed. It was also agreed to activate the Libyan Omani Joint Investment Company, which was established under this agreement and is contributed to equally between the Libyan side (public and private sector) and the Omani side and is based in Tripoli. • There was also agreement on the formation of a joint technical committee to follow up and coordinate on mutual visits between delegations in preparation for holding meetings of the Libyan-Omani Joint Higher Committee. • Exchange of experiences in the fields of development and reconstruction between the two countries was also agreed. Libyan-Omani Economic Forum before end of 2025 It was agreed to organise the activities of a Libyan Omani economic forum before the end of this year, and on the sidelines of this forum, the establishment of the Libyan Omani Business Council will be announced. Omani companies invited to participate in Libyan projects Within the framework of the interest of the Tripoli government in cooperation with the Arab countries, Omani companies were invited to participate and contribute to development projects and reconstruction in the State of Libya, as well as facilitating the procedures for their registration in the Ministry of Economy and the Ministry of Planning.
Libya Herald
02-05-2025
- Business
- Libya Herald
Turkish Trade Minister's visit and Roundtable: New Libyan Turkish Bank to be established, Letters of Guarantee problem, restarting 2011 stalled contracts discussed
On the sidelines of the high-level visit conducted by Turkish Minister of Trade, Ömer Bolat, to Libya, accompanied by a large delegation of businessmen working in the construction sector, a Roundtable Meeting on construction cooperation was held last Wednesday (30 April) in Tripoli. The meeting was organized by the Tripoli Ministry of Economy and Trade, under the auspices of the Tripoli Chamber of Commerce and the General Authority for Exhibitions and Conferences. The meeting was attended by the Tripoli Minister of Economy and Trade, Mohamed Al-Hwej, Undersecretary of the Ministry of Economy, Dr. Suhail Abushiha, Chairman of the Tripoli Chamber of Commerce, Anwar Abu Sitta, Member of the Board of Directors of the Libyan Investment Authority (LIA), Mustafa Al-Manea and several Libyan businessmen. The Turkish Minister of Trade Bolat and his accompanying delegation included many Turkish businessmen involved in construction and building activities. Intensifying trade cooperation between the two countries Opening the Roundtable, Economy and Trade Minister Mohamed Al-Hwej focused on intensifying cooperation between the two countries. He stated that this visit represents a prelude to a qualitative shift in Libyan Turkish economic relations, beginning with restructuring all components, continuing to enhance the commercial aspect, which has reached very high levels, and training in all fields, on which we greatly rely. Future long-term vision in investment and transit trade Al-Hwej also addressed future visions for cooperation in the fields of investment and transit trade, expressing his hope for constructive cooperation and an effective long-term partnership between Libyan companies and their Turkish counterparts. New map and qualitative shift in Libyan Turkish cooperation Meanwhile, Turkish Trade Minister Bolat emphasised that the goal of this visit is to open more horizons for Libyan Turkish economic cooperation, saying, 'We have come to draw a new map for this cooperation and to bring about a qualitative shift in it. We have witnessed full cooperation from the Libyan side, and accordingly, we will hold regular meetings through the Technical Economic Committee signed today between our two countries''. Libyan Turkish Commercial Bank to be created ''We will cooperate in many areas, including the issue of Letters of Guarantee with Turkish banks. We have also agreed in principle to establish a Libyan Turkish Commercial Bank. We also discussed several important points with the Prime Minister, including the return of Turkish companies to complete the projects they have been assigned and have been suspended since 2011''. Call on Turkish companies to work with Libya's private sector The Chairman of Tripoli Chamber also reinforced the ambitions of this visit for both Libyan and Turkish sides by calling on the Turkish companies attending these events to cooperate with their Libyan private sector counterparts operating in the construction sector, which many rely on to effectively contribute to adding the necessary momentum to the massive construction phase the country is witnessing. He also emphasized that the Tripoli Chamber of Commerce and Industry is always ready to serve companies by coordinating bilateral meetings and providing the economic and investment information necessary to achieve their goals. Turkish companies wish to be active in Libya's construction revolution For their part, representatives of Turkish companies expressed their happiness with the results of this visit, stressing that they will have an active and distinguished presence in the construction and reconstruction revolution currently taking place in Libya, and will leave their mark on roads, dams, airports, and housing developments throughout Libya. Trade Minister meets Aldabaiba It is worth noting that the Turkish Trade Minister, and his accompanying delegation, had earlier held a meet with Tripoli based Libyan Prime Minister, Abd Alhamid Aldabaiba, during which they were briefed on the results of the meetings of the Libyan Turkish Technical Committee currently being held, which addressed economic issues of common priority and interest. . Turkish Trade Minister to lead construction and infrastructure delegation to Tripoli from 29-30 April Turkish trade delegation to visit Libya this April Minister of Economy and Trade follows up on trade with the private sector in Turkey Turkish Trade Minister to lead construction and infrastructure delegation to Tripoli from 29-30 April
