Türkiye and Libya Sign Mining, Energy Pact to Boost Trade Ties

On Thursday, Türkiye and Libya signed an agreement aimed at enhancing cooperation in the fields of mining, energy, and infrastructure.

The Foreign Economic Relations Board of Türkiye (DEIK), Türkiye-Libya Business Council, Libyan National Mining Corporation, Libya’s General Authority for Exhibitions and Conferences and Emaar Libya Holding Company signed the memorandum of understanding, which is also aimed at increasing bilateral trade volume in the three fields, The Caspian Post reports citing Turkish media.

The agreement was signed by Murtaza Karanfil, Chairman of the DEIK Türkiye-Libya Business Council, and Fouad Al-Awwam, CEO of Emaar Libya Holding Company.

In his speech, Karanfil said that Türkiye's relations with Libya are rooted in a long history.

Noting that the agreement was signed with Emaar Holding, which has 30 companies under its umbrella and operates in many areas, particularly in industry, he said it is a company that has made many investments and opened up business areas, especially in the eastern and southern parts of Libya.

"As Turkish businesspeople, although we have been working with all of Libya, the cooperation we will establish with Emaar Holding to develop relations with the eastern part of the country will provide us with a significant advantage."

Speaking to Anadolu Agency, Karanfil said that Türkiye's exports to Libya had fallen to $2.5 billion due to the instability in the North African country after 2014, remaining at this level for around the last 10 years, and that the total trade volume was around $4 billion currently.