Deal to pave way for making new investments, undertaking new projects in Libya, says Turkish trade minister
Turkey and Libya have signed a memorandum of understanding (MoU) to boost trade and economic ties, the Turkish trade minister said Thursday.
The deal will lay the groundwork for resolving ongoing issues between Turkish firms and Libyan employers, making new investments, and undertaking new projects, Ruhsar Pekcan told a meeting held in Turkey’s capital Ankara.
Pekcan told how some construction projects begun by Turkish companies in Libya had recently been interrupted.
“There were uncertainties regarding completion of these projects and Turkish companies had remaining receivables in these projects,” she said.
Pointing to the brotherly ties between the two countries, Pekcan said this is also reflected in their bilateral economic and trade ties.
Turkish companies set to begin new projects to meet Libya’s needs will support the country’s stability and development process besides helping raise the general welfare, she stressed.
“This process will be a new opportunity to show the whole world Turkish-Libyan cooperation,” Pekcan underlined.
Large share of contracting pie
For his part, Al-Hadi Al-Taher Al-Juhaimi, Libya’s planning minister, also stressed the importance of the deal for clearing up pending issues between Turkey and Libya.
Praising Turkish contractors’ works in Libya,Al-Juhaimi said Turkish firms are behind 20% of the investment projects in the country.
“We may call this the lion’s share,” he stressed.
After Libya ends its domestic crises, the country will focus on new development plans, he noted, adding:
“We trust Turkish companies and are willing to partner with them under this development plan.”
With strong ties dating back to the Ottoman era, Turkey and Libya last November also signed agreements on maritime boundaries as well as security and military cooperation.
Libya’s government, formed in 2015, in the wake of the ouster of Muammar Gaddafi in 2011, has faced a number of challenges, including attacks by warlord Khalifa Haftar.
In recent months, however, the UN-recognized government has turned the tide against Haftar’s forces.
Turkey supports the government based in the capital Tripoli and a non-military resolution of the crisis.