Türkiye signs two new agreements with Libya on contracting and projects
Türkiye and Libya have signed two memoranda of understanding addressing contracting receivables and new development projects during the Türkiye-Africa Business Forum. The agreements include plans for a joint investment forum and economic commission meeting in Tripoli this December.
Türkiye has formalized two significant memoranda of understanding with Libya focusing on contracting sector cooperation and new-era development initiatives during the fifth Türkiye-Africa Business and Economic Forum in Istanbul. Turkish Trade Minister Omer Bolat signed the agreements alongside Libyan counterparts Muhammad al-Huwayj and Muhammad Salem Al-Shahoubi, reinforcing bilateral economic relations between the two Mediterranean nations.
Contracting agreement significance
The contracting memorandum establishes crucial mechanisms for addressing Turkish contractors' outstanding receivables in Libya, building upon delegation discussions conducted in Ankara during September. The arrangement simultaneously creates opportunities for Turkish construction companies to participate in Libya's development through new infrastructure projects, marking a transitional phase in bilateral contracting cooperation following previous challenges regarding payment obligations.
Economic cooperation expansion
Both nations committed to enhancing their $3.7 billion bilateral trade relationship while increasing Turkish contractors' operational volume within Libyan territory. Ministers identified multiple sectors for potential collaboration including hydrocarbon extraction, renewable energy development, mining operations, customs modernization, banking services, and healthcare infrastructure, reflecting comprehensive economic partnership ambitions extending beyond traditional trade relationships.
Institutional framework and upcoming events
The agreements include plans to organize the inaugural Türkiye-Libya Investment and Business Forum alongside the 22nd meeting of the Joint Economic Commission scheduled for December 16-17 in Tripoli. Additional signed documents established a Joint Economic and Trade Commission and finalized working group meeting minutes, creating structured roadmaps for subsequent bilateral economic cooperation initiatives between the two nations.
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