Trade minister, delegation of businesspeople visit Libya

ISTANBUL

Trade Minister Ömer Bolat, accompanied by representatives of Turkish contracting companies, has paid a visit to Libya to discuss bilateral ties.

As part of his engagements in Libya, Bolat met with Prime Minister Abdul Hamid Dbeibeh, Economy and Trade Minister Mohamed Al-Huwaij and Central Bank Governor Naji Issa.

“We have agreed with the Libyan side to establish a Joint Economic and Trade Committee to enhance and revitalize Türkiye-Libya economic relations," Bolat said, adding that an agreement was also reached for the Joint Economic Commission to convene within this year.

Türkiye and Libya set the goal of increasing the annual trade volume from $3.7 billion to over $4 billion this year and to $5 billion next year, Bolat stated.

He also stated that they have reached an agreement with the Libyan side for the Banking Regulation and Supervision Agency (BDDK) and the Central Bank of Libya to hold regular consultation and coordination meetings in the near future to address issues related to guarantee letters in contracting projects.

Libyan authorities voiced support regarding Turkish contractors securing more work in new development projects in Libya.

Bolat also chaired the Türkiye-Libya construction cooperation round table meeting in Tripoli.

Libya is one of the major markets for Turkish contractors.

Between 1972 and 2024, Turkish companies undertook projects worth $31.5 billion.