Libya's Minister of Economy and Trade, Mohamed Al-Huweij, has announced plans to boost the country's trade volume with Turkey to $10 billion annually, following high-level talks with Turkish Trade Minister Ömer Bolat in Tripoli.
The two ministers agreed on Thursday to review and activate previous memoranda of understanding and trade agreements in line with evolving global economic conditions.
The meeting was also attended by Central Bank Governor Nagy Issa, who supported discussions on reviving suspended projects, facilitating the return of Turkish companies to Libya, and resolving issues related to banking guarantees.
Al-Huweij emphasized Libya's strategic aim to deepen its commercial ties with Ankara, underscoring shared interests in reviving stalled infrastructure projects and facilitating the return of Turkish companies to Libyan markets. A solution to the ongoing issue of bank guarantees was also discussed.
According to Turkey’s Anadolu Agency, both sides committed to forming a joint economic committee to address challenges facing Turkish and Libyan companies, and to establishing a free trade zone aimed at boosting Turkish exports to African markets.
The discussions also covered support for business communities, easing residency permits, commercial transactions, and cross-border money transfers. Turkish exports to Libya currently stand at approximately $3.7 billion.
