Libya considers Türkiye its “number one” strategic trade partner in infrastructure, the oil industry, energy, health, and economic development, Mohammed al Huwayj, Libya’s minister of economy and trade, has said.
Al Huwayj said Libya aims to diversify its economy as quickly as possible, emphasising that energy is a key sector since transportation, agriculture, services, and industry depend on it.
Highlighting Türkiye's successful economic model, the minister added, 'Türkiye's experience is one of the best in the short term, and we hope to benefit from this expertise.'
Al Huwayj highlighted that Libya and Türkiye are working towards concluding a free trade agreement.
“We are preparing to renew all past agreements and memorandums of understanding between the two countries for the coming period and to encourage investments,” he said.
Long-term strategic partners
He added that both Türkiye and Libya are members of the Standing Committee for Economic and Commercial Cooperation of the Organisation of Islamic Cooperation and are close to finalising an agreement to eliminate double taxation.
“We will meet with the Turkish trade minister and other relevant ministries to finalise a free trade agreement and resolve challenges between the two countries,” he said.
“Libyan businesspeople and much of the Libyan private sector prioritise Türkiye, and since our private sector is one of the tools for Libya’s next phase of economic development, we, in turn, prioritise Türkiye as one of our long-term strategic partners,” he added.
Al Huwayj also said Libya hopes to see Türkiye participate in oil exploration, refining, petrochemical activities, and oil services.
“We welcome all Turkish firms, and our ministry provides all necessary facilities,” he said.
