Turkish-Libyan Contact Working Group in Action

Tuesday, 5 February, 2019 - 00:27

The Turkish-Libyan contact working group announced its intention to start work on the continuation of the unfinished projects of Turkish companies in Libya. The meeting of the group was chaired by the Ministers of Trade of Turkey Ruhsar Pekjan and the planning of the PNS of Libya Taher al-Jehaymi in Istanbul.

The volume of trade between the two countries in 2018 grew by 65.3% compared with 2017 and reached $ 1.9 billion. As of early 2011, Turkey was implementing investment projects totaling $ 28.9 billion in Libyan territory, and the annual the average volume of Turkish investments reached $ 4 billion. Incomplete Turkish projects are currently estimated at $ 19 billion. At the same time, outstanding receivables are $ 1 billion, the collateral amount is $ 1.7 billion, and all other losses of the Turkish side are $ 1 3 billion

According to the Libyan minister, infrastructure projects based on the provisions of the Comprehensive Infrastructure Recovery Plan should be priority in the development of bilateral relations.

The memorandum of understanding signed following the meeting provides and recommends Turkish companies to begin direct negotiations with Libyan employers on concluding new projects and completing projects that have not been implemented until today, and also provides for the introduction of so-called. a roadmap that will resolve the problems that Turkish contractors face or may face in Libya.