On Thursday, Libya’s Minister of Economy and Trade, Mohamed Al-Hwaij, announced that Libya aims to raise its annual trade volume with Turkey to $10 billion, significantly up from the current level of $3.7 billion. The announcement came during high-level economic talks held Thursday in Tripoli with Turkish Minister of Trade Ömer Bolat.
The meeting, also attended by Central Bank Governor Al Siddik Al Kabir, focused on revitalizing economic cooperation between the two nations. Both ministers agreed to review and reactivate all previous memoranda of understanding and trade agreements to reflect current international economic conditions.
One of the most significant outcomes of the meeting was the agreement to establish a joint economic committee tasked with addressing ongoing challenges faced by Turkish and Libyan businesses, facilitating investment, and streamlining trade operations.
The two sides also agreed to resume halted infrastructure and development projects, support the return of Turkish companies to the Libyan market, and find workable solutions for banking guarantees, which have historically been a barrier to business continuity.
To support broader trade ambitions, both countries discussed the creation of a free trade zone within Libya, which would serve as a logistics hub for Turkish industrial and commercial products heading to African markets. Al-Hwaij emphasized Libya’s unique geographic advantage, describing the country as a gateway between Europe, Africa, and the Arab world.
Additional topics included facilitating residency permits, easing commercial registration, and simplifying money transfer procedures for investors and companies operating between the two countries.
According to Turkish state media, the meeting reflects a renewed political will on both sides to deepen bilateral economic integration, support the private sector, and expand Libya–Turkey commercial relations into a long-term strategic partnership.
