Ankara: Trkiye and Libya have entered into a cooperative agreement focused on mining, energy, and infrastructure development. The agreement aims to enhance bilateral trade in these sectors and was signed by multiple organizations, including the Foreign Economic Relations Board of Trkiye (DEIK), Trkiye-Libya Business Council, Libyan National Mining Corporation, Libya's General Authority for Exhibitions and Conferences, and Emaar Libya Holding Company.
According to Anadolu Agency, the memorandum of understanding was signed by Murtaza Karanfil, Chairman of the DEIK Trkiye-Libya Business Council, and Fouad Al-Awwam, CEO of Emaar Libya Holding Company. Karanfil highlighted the historical ties between Trkiye and Libya and emphasized the significance of collaborating with Emaar Holding, which encompasses 30 companies, particularly in the industry sector. The agreement is seen as an opportunity to strengthen relations with eastern Libya, offering a strategic advantage to Turkish businesses.
Karanfil remarked on the decline of Trkiye's exports to Libya, which have remained at $2.5 billion due to instability in Libya since 2014, with the total trade volume currently around $4 billion. The new agreement is expected to boost cooperation with eastern Libya, potentially increasing trade volume. Karanfil also noted the rich mineral deposits in southern Libya, expressing interest in obtaining mine maps and identifying priority investment areas.
Trkiye plans to introduce its mining sector to eastern Libya through business-to-business meetings. Karanfil pointed out the significant mineral reserves in southern Libya that interest many countries, mentioning that only six Turkish companies are currently registered with the Libya Mining Group. Trkiye aims to increase this number and expand collaboration in energy.
Fouad Al-Awwam acknowledged Trkiye's strength in economy and energy, indicating Emaar Holding's readiness to sign agreements in these sectors. He also expressed ongoing efforts to integrate Turkish products into the Libyan market and establish a sustainable distribution network.