Economy minister: MoU with Turkey opens up prospects for investment

Economy minister: MoU with Turkey opens up prospects for investment

October 04, 2022 - 15:43
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Written By: SafaAlharathy

Minister of Economy and Trade Mohamed Al-Hawij has lauded the MoU signed with Turkey in the oil and gas sector, assuring that it serves the interests of Libya.

Al-Hawij contradicted claims by some social media accounts that the deal includes the relinquishment of territorial waters in favor of Turkey, insisting that no government dares to take such decisions.

The minister urged all parties to shield overseas investment and cooperation from political maneuvers, highlighting that the Libyan-Turkish investment ties are not new.

"The MoU will not harm the Libyans and aims to invest and exploit the international situation and the urgent need for energy after the Russian-Ukrainian war that erupted in late February," Minister Al-Hawij said in a televised statement, underlining that Turkish companies will now invest in Libya, just like America and Egypt.

According to Al-Hawij, the memorandum could be canceled within three months, and also, any agreement needs legislative procedures, which must pass through the House of Representatives for approval.