Libya has potential investments worth 150 billion dollars, Karanfil says

Libya has potential investments worth 150 billion dollars, Karanfil says

October 03, 2022 - 21:15
Posted in:
Written By: AbdulkaderAssad

The Head of the Turkish-Libyan Business Council, Murtaza Karanfil, said that the volume of trade exchange between Libya and Turkey amounts to $4 billion, indicating that there are investment potentials of nearly $150 billion awaiting Turkish businessmen in Libya.

Speaking at Urbanexpo Forum in Istanbul on Monday, where private and public Libyan companies and Turkish firms attended, Karanfil said Libya is the gate to Africa and Ankara is implementing massive projects in the country.

He said that there is a slowdown in some projects in Libya due to technical issues, calling for stabilizing the dollar and reconsidering restrictions on the private sector in order to achieve a rapid recovery.

The Director of the Investment Department at the General Authority for Investment Promotion and Privatization Affairs in Libya, Hashem Al-Zawi, confirmed that they aim to encourage foreign investments in the country.

Al-Zawi indicated that Turkey is one of the countries that Libya encourages to invest in real estate, and that they are in the process of converting contracts in suspended projects into investment agreements.

The two-day forum in Istanbul aims to increase the volume of foreign trade and infrastructure projects between Turkey and Libya.