Turkey, Libya seal deal to boost trade, economic ties

Xinhua News Agency | Aug 13, 2020 at 5:05 PM

ANKARA, Aug. 13 (Xinhua) -- Turkey and Libya Thursday inked a memorandum of understanding (MoU) to enhance trade and economic ties, Turkish Trade Minister Ruhsar Pekcan said.

"With the MoU, we have taken an important step together in order to solve the problems of the projects that were left half-finished in the past and their receivables, and realize new projects and investments," Pekcan said at a press conference with Al-Hadi Al-Taher Al-Juhaimi, Libya's planning minister.

Recalling that some construction projects by Turkish companies in Libya had recently been interrupted, Pekcan said there were uncertainties regarding completion of these projects and Turkish companies had remaining receivables in these projects.

"The signed document will facilitate the conclusion of bilateral negotiations between our companies and Libyan employers' management in a way that will produce solutions and serve as a guiding document in this sense," she stated.

The Libyan minister welcomed Turkish contractors' work in Libya and said Turkish firms contributed to 20 percent of the investment projects in the country.

As long as the turmoil ends in Libya, the country will focus on new development plans and is willing to partner with Turkish companies under this development plan, he stated.

Turkey backs the Tripoli-based Government of National Accord of Libya led by Prime Minister Fayez al-Serraj and has signed agreements on maritime boundaries as well as security and military cooperation last year.