A Libyan business delegation including business people, civil society leaders and officials will visit Turkey this month to restore economic relations between the two countries.
The delegation, under the leadership of Mohammad Abdul Karim Raied — the head of the General Federation of Chambers of Commerce and Industry of Libya — will attend a two-day business event in Istanbul starting on Oct. 15.
The event, supported by Turkey’s Economic Relations Board (DEIK) and the Libya Economy Ministry, will host over 200 Libyan producers and exporters 100 from Turkey.
While Turkish contractors had assumed projects in Libya worth $7-8 billion in 2010, there were no projects this year.
Turkey’s contractors assumed projects worth over $28 billion in Libya — 7% of their projects around the world worth a total $401.3 billion.
Raied told Anadolu Agency that developments in Libya had caused problems for oil exporters.
Raied invited Turkish firms from all sectors to the event to discuss business and investment opportunities with the Libyan side.
“One of our main goals will be to restore the confidence for Turkish companies to resume their activities in Libya.”
Murtaza Karanfil, the head of DEIK’s Turkey-Libya Business Council, said Turkey’s exports to Libya amounted to $937 million in the first eight months and may reach last year’s levels in 2020.
Last year, the two countries’ bilateral trade was around $2.43 billion, while Turkey exported $1.96 billion to the North African nation.
With new investments, the two countries’ bilateral trade volume may rise to $10 billion, he added.