Libya, Turkey ink economy, technology cooperation protocol

Libya, Turkey ink economy, technology cooperation protocol

September 06, 2020 - 22:50
Posted in:
Written By: AbdulkaderAssad

Libya's Tripoli-based Government of National Accord (GNA) and Turkey have signed an economy, technology cooperation protocol.

Turkish Industry and Technology Minister Mustafa Varank and Libyan Central Bank Governor Al-Siddiq Al-Kabir and the Libyan Investment Authority (LIA) Chairman Ali Mahmoud signed in a meeting in Istanbul the protocol as Varank said that both countries face many threats in economic, political and military fields.

"We are fighting beside Libya against some of these common threats. It is possible to place our efforts on a more solid basis by further increasing cooperation in every field." Varank said.

"So far a higher level of cooperation has been achieved in political and military cooperation but now it is time to boost economic cooperation as well." Varank added, saying they have a goal to move forward with concrete projects in economy, technology, and entrepreneurship.

Both countries will undertake joint projects in the fields of investments, entrepreneurship and technology development, as per the new protocol.

"We will contribute to the development of the entrepreneurship ecosystem in Libya. We will improve the technological capacity and depth of financial services. We will also work together on the usage of new technologies in the financial system, conduct research and development in the regulation of financial technologies, and establish technology workshops for young people," Varank said.

He also emphasized that the two countries are set to take steps toward cooperation in establishing venture capital funds in the coming days or "investing in funds in our country, especially to support technology-oriented initiatives."

Meanwhile, Al-Kabor said the Central Bank of Libya closely follows Turkey's banking system, which is compatible with the banking systems of developed countries.

"The Central Bank of Libya, along with the existing banking system in the country needs a capacity increase. This is both in the technical field and in the field of human resources." He added.

Al-Kabir indicated that the Central Bank of Libya welcomes the establishment of technology centers and would like to say that Libya also needs training centers for human resources in the financial field.