Türkiye good fit to engage in oil, gas exploration, refining, and other oil industry activities in Libya, while private sector prioritizes business with Türkiye, says Libyan economy minister
Libya considers Türkiye its “number one” strategic trade partner in infrastructure, the oil industry, energy, health, and economic development, Mohammed al-Huwayj, Libya's minister of economy and trade, told Anadolu.
Al-Huwayj said Libya aims to diversify its economy as quickly as possible, emphasizing that energy is a key sector since transportation, agriculture, services, and industry depend on it.
“Türkiye's experience in these fields is considered the best in the short term, and we will benefit from it,” he said.
Al-Huwayj highlighted that Libya and Türkiye are working towards concluding a free trade agreement.
“We are preparing to renew all past agreements and memorandums of understanding between the two countries for the coming period and to encourage investments,” he said.
He added that both Türkiye and Libya are members of the Standing Committee for Economic and Commercial Cooperation of the Organization of Islamic Cooperation and are close to finalizing an agreement to eliminate double taxation.
“We will meet with the Turkish trade minister and other relevant ministries to finalize a free trade agreement and resolve challenges between the two countries,” he said.
“Libyan businesspeople and much of the Libyan private sector prioritize Türkiye, and since our private sector is one of the tools for Libya's next phase of economic development, we, in turn, prioritize Türkiye as one of our long-term strategic partners,” he added.
Al-Huwayj also said Libya hopes to see Türkiye participate in oil exploration, refining, petrochemical activities, and oil services.
“We welcome all Turkish firms, and our ministry provides all necessary facilities,” he said.
