Libya’s Tripoli-based Ministry of Economy and Trade is discussing the use of artificial intelligence (AI) to transform ideas into products of economic value.
The discussions took place last Thursday (24 August) during the first meeting of the Artificial Intelligence Committee to study the mechanisms of employing AI to develop the efficiency of economic and institutional performance held at the Ministry.
The meeting discussed ways to develop a mechanism to support the process of converting ideas into products of economic value for the transition to the knowledge economy and the employment of artificial intelligence to develop the efficiency and effectiveness of the performance of the national economy and to create a stimulating work environment.
Regarding the committee and its objectives, the Spokesperson for the Ministry of Economy and Trade and member of the Artificial Intelligence Committee, Fawzi Wadi, told Libya Herald that the committee was established by a decision of the Minister of Economy and Trade, Mohamed Al-Hwej. Its aim is to achieve maximum benefit from the technical and informational development in the world and the boom in the field of financial and business technology to ensure the establishment of a diversified economy based on sound scientific foundations.
Wadi pointed out to work on improving the indicators of the knowledge economy in Libya to reduce the gap between it and the developed countries in this field and to take advantage of the returns offered by this economy, which calls for diagnosing the reality of the national economy and shedding light on the most important challenges facing Libya and ways to overcome them to reach a knowledge economy.
He stressed the development of an action plan that guarantees the use of AI to serve the Libyan economy and in line with the available capabilities and creative ideas of Libyan youth and to ensure the success of their projects. The Ministry of Economy and Trade seeks, he added, through its various mechanisms and affiliated institutions to find local and international financing opportunities for them in addition to supporting projects based on innovation and renewal.
