Turkey, Libya sign deal to boost economic ties

Turkey, Libya sign major deal to boost economic, trade ties
2 min read
14 August, 2020
The memorandum lays the groundwork for negotiations to overcome disputes, enabling the completion of projects and paving the way for new investment.
Turkish trade minister Ruhsar Pekcan addressed a joint meeting held in Ankara [Anadolu Agency]

Turkey and Libya have signed a memorandum of understanding (MoU) to bolster economic and trade ties, Anadolu Agency reported on Thursday.

The deal aims to resolve issues between Turkish companies and their Libyan counterparts after various Turkey-led construction projects in Libya had been stalled and companies were left with unpaid financial dues, Turkish trade minister Ruhsar Pekcan told a joint meeting held in Ankara.

The memorandum lays the groundwork for negotiations to overcome the disputes, enabling the completion of the projects and paving the way for further projects and investment, she explained.

"We have no doubt that the CEOs of the Libyan companies will show all kinds of support and follow a conciliatory approach with Turkish companies in order to conduct results-orientated negotiation," Pekcan said.

New projects led by Turkish companies would serve to support the country's stability and development, in addition to boosting welfare, she added.

"This process will be a new opportunity to show the whole world Turkish-Libyan cooperation," she added.

The minister highlighted the strong ties between the two countries, something which was reflected in their bilateral economic and trade ties.

Libyan planning minister Al-Hadi Al-Taher Al-Juhaimi hailed the deal which resolved the issues between the two countries, heaping praise on Turkish contractors' work in Libya.

He noted that Turkish companies were behind 20% of the construction work in Libya.

"We may call this the lion's share," he said.

He also raised the likelyhood of joint post-conflict development plans, adding: "We trust Turkish companies and are willing to partner with them under this development plan."

Turkish officials have visited Libya several times over recent months to discuss cooperation in the field of energy, as well as security issues.

Ankara's military support has been indispensable in supporting the UN-recognised Government of National Accord to turn the tides of General Khalifa Haftar’s 14-month assault on the Libyan capital, which is backed by Russia, the UAE and Egypt, among others.

Read also: Turkey-US talks to establish demilitarized zone in central Libya

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