Turkey, Libya ink deal to enhance trade, economic ties

Turkey, Libya ink deal to enhance trade, economic ties

Turkey and Libya signed a memorandum of understanding (MoU) to boost trade and economic ties, the Turkish trade minister said on Aug. 13, Hurriyet daily reports.

The deal will lay the groundwork for resolving ongoing issues between Turkish firms and Libyan employers, setting new investments and undertaking new projects, Ruhsar Pekcan said at a meeting held in Turkey's capital Ankara.

Pekcan recalled that some contracting projects undertaken by Turkish companies in Libya have been interrupted recently.

"There were uncertainties regarding the completion of these projects and Turkish companies had remaining receivables in these projects," she said.

Pointing to the brotherly ties between the two countries, Pekcan said this is also reflected in their bilateral economic and trade ties.

Turkish companies set to begin new projects to meet Libya’s needs will support the country’s stability and development process besides helping raise the general welfare, she stressed.

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

For his part, Al-Hadi Al-Taher Al-Juhaimi, Libya’s planning minister, also stressed the importance of the deal for clearing up pending issues between Turkey and Libya.

Praising Turkish contractors’ works in Libya, Al-Juhaimi said Turkish firms are behind 20% of the investment projects in the country.

"We may call this the lion’s share," he stressed.

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