Libya, Turkey ink trade and economy MoU

Libya, Turkey ink trade and economy MoU

August 13, 2020 - 20:15
Posted in:
Written By: AbdulkaderAssad

The Libyan Government of National Accord (GNA) signed with Turkey a memorandum of understanding (MoU) to boost trade and economic ties, the Turkish trade minister said Thursday.

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 with the Libyan Planning Minister Al-Taher Al-Juhaimi, in Turkey’s capital Ankara.

Pekcan recalled that some contracting projects undertaken by Turkish companies in Libya have been interrupted recently, saying there were uncertainties regarding the completion of these projects and Turkish companies had remaining receivables in these projects.

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.

Pekcan underlined that this project will be a new opportunity to show the whole world Turkish-Libyan cooperation, knowing that Turkish projects in Libya are worth 28.6 billion dollars.

Meanwhile, 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, adding that after Libya ends its domestic crises, the country will focus on new development plans.

“We trust Turkish companies and are willing to partner with them under this development plan.” He indicated.