Libyan Minister of Economy and Trade, Suhail Abushihah, met with Turkish Minister of Trade, Omar Bolat, to discuss ways to enhance economic and trade relations between the two countries. The meeting took place on the sidelines of the 42nd Ministerial Meeting of the Standing Committee for Economic and Commercial Cooperation of the Organization of Islamic Cooperation (COMSEC) in Istanbul. The two ministers explored ways to boost bilateral trade to $5 billion by activating trade exchanges and creating new opportunities for partnerships between Libyan and Turkish companies.
The meeting also focused on organizing the first meeting of the Libyan-Turkish Joint Economic and Commercial Committee (JETCO) and the Libyan-Turkish Business and Investment Forum. This aims to bring together businessmen and investors to explore available opportunities in priority economic sectors. The two sides also discussed ways to address challenges facing Turkish companies operating in Libya and to develop the legal framework governing trade and investment relations.
Minister Abushihah emphasized the need to address the impact of the parallel market on farmers and breeders. He also mentioned that the cost of delayed economic reforms in Libya amounts to $12 billion annually. The minister stated that the average annual development spending in Libya over the past four years has been around $10 billion. These issues were discussed in the context of strengthening economic cooperation between Libya and Turkey.
The two ministers stressed the importance of continuing coordination and consultation during the coming period to take the Libyan-Turkish economic relations to a wider level of partnership based on mutual interests, investment, and economic integration. They also agreed to work on developing the legal framework governing trade and investment relations to provide a more stable and clear environment for economic cooperation between the two countries.
The meeting between Minister Abushihah and Minister Bolat reflects the ongoing efforts to enhance economic cooperation between Libya and Turkey. The two countries have been working to strengthen their economic ties in recent years, with a focus on increasing trade and investment. The aim is to create new opportunities for cooperation and to support the growth of the Libyan economy.
Libya and Turkey have a long history of economic cooperation, with Turkey being one of Libya's main trading partners. The two countries have signed several agreements to enhance economic cooperation, including a memorandum of understanding on trade and investment. The meeting between Minister Abushihah and Minister Bolat is a continuation of these efforts to strengthen economic ties.
The Libyan government has been working to reform the economy and to create a more favorable business environment. The government aims to increase foreign investment and to support the growth of the private sector. The meeting between Minister Abushihah and Minister Bolat is part of these efforts to enhance economic cooperation and to support the growth of the Libyan economy.
Key points
- Libya and Turkey aim to increase bilateral trade to $5 billion.
- The two countries plan to organize the first meeting of the Libyan-Turkish Joint Economic and Commercial Committee (JETCO) and the Libyan-Turkish Business and Investment Forum.
- Minister Abushihah emphasized the need to address the impact of the parallel market on farmers and breeders.
