According to the Libyan Economy and Trade Minister, Libya intends to extend bilateral collaboration, finalize a contract to avoid double taxation, and renew agreements with Turkey.
According to Mohammed al Huwayj, Libya’s minister of commerce and trade, the country views Turkey as its “number one” strategic trading partner in the areas of infrastructure, the oil sector, energy, health, and economic development.
According to Al Huwayj, Libya wants to diversify its economy as soon as feasible. He emphasized that energy is a crucial sector because it is essential to manufacturing, transportation, agriculture, and services.
‘Türkiye’s experience is one of the greatest in the short term, and we want to profit from this expertise,’ the minister continued, highlighting the country’s successful economic model.
Al Huwayj emphasized that a free trade agreement is being negotiated between Turkey and Libya.
“We are getting ready to encourage investments and renew all previous agreements and memorandums of understanding between the two countries for the upcoming period,” he stated.
enduring strategic alliances
He also mentioned that Turkey and Libya are on the verge of concluding a deal to end double taxation and are both members of the Organization of Islamic Cooperation’s Standing Committee for Economic and Commercial Cooperation.
“To finalize a free trade agreement and resolve challenges between the two countries, we will meet with the Turkish trade minister and other relevant ministries,” he stated.
Since our private sector is one of the instruments for Libya’s next stage of economic development, we, in turn, prioritize Türkiye as one of our long-term strategic partners, he continued. “Libyan businesspeople and a large portion of the Libyan private sector prioritize Türkiye.”
Al Huwayj added that Libya wants Turkey to be involved in petrochemical operations, oil services, oil exploration, and oil refining.
“Our ministry provides all necessary facilities, and we welcome all Turkish firms,” he stated.
