Libya and Turkey have agreed to form a joint economic committee to address business-related challenges, reactivate stalled agreements, and lay the foundation for a long-term economic partnership.
The announcement followed a Libyan–Turkish business forum held in Tripoli, attended by Libya’s Minister of Economy and Trade, Mohamed Al-Hwaij, and his Turkish counterpart, Omer Bolat.
During the visit, Minister Bolat also met with Prime Minister Abdulhamid Dbaiba and Central Bank Governor El Siddik Al Kabir. Discussions focused on trade facilitation, banking guarantees, and solutions to long-standing issues faced by Turkish and Libyan companies alike.
Minister Al-Hwaij confirmed that both sides agreed to reactivate and revise all previously signed memoranda of understanding to reflect evolving global and regional economic conditions.
The parties also discussed enabling Turkish companies to resume halted projects and finding solutions to financial and legal constraints, particularly around banking guarantees.
Al-Hwaij noted that Libya and Turkey aim to significantly increase their current bilateral trade volume from $3.7 billion to $10 billion, emphasizing mutual interest in a deeper commercial relationship.
He also confirmed ongoing talks to eliminate bilateral taxes and establish a Libya-based free trade zone that would serve as a strategic hub for Turkish products heading to African markets.
Both ministers expressed support for business-friendly measures, such as streamlined residency procedures, improved financial transfer frameworks, and the activation of a 2020 memorandum of understanding concerning Turkish contractors operating in Libya.
As a result of these discussions, the two sides signed a renewed agreement reaffirming commitments to economic cooperation, including the formation of a follow-up committee composed of deputy ministers from both countries.
