Libya has identified Türkiye as its leading strategic trade partner, emphasizing collaboration in vital sectors such as infrastructure, energy, oil, health, and economic development. This was confirmed by Libya’s Minister of Economy and Trade, Mohammed al Huwayj, who highlighted ongoing efforts to strengthen ties between the two nations.
Addressing Libya’s economic priorities, Al Huwayj stressed the importance of diversifying the economy to reduce reliance on oil. “Energy remains a cornerstone of our development as it supports industries such as transportation, agriculture, services, and manufacturing,” he explained. The minister also commended Türkiye’s economic model, describing it as highly successful in delivering rapid results. “We see Türkiye’s experience as a valuable example, and we aim to benefit from this expertise,” he added.
Free Trade Agreement on the Horizon
Libya and Türkiye are currently in discussions to finalize a free trade agreement, which Al Huwayj believes will significantly boost bilateral economic activities. “We are working to renew and update all previous agreements and memorandums of understanding to encourage more investments between our countries,” he noted.
Both nations, as members of the Organisation of Islamic Cooperation’s Standing Committee for Economic and Commercial Cooperation, are close to reaching an agreement to eliminate double taxation. Al Huwayj expressed optimism about resolving outstanding issues during upcoming meetings with Türkiye’s trade minister and other officials.
Strengthening Long-Term Strategic Ties
The Libyan private sector, seen as a key driver of the country’s economic transformation, has also prioritized Türkiye as a long-term partner. “Libya’s private sector is essential for our future development, and we consider Türkiye a strategic ally in this journey,” Al Huwayj said.
The minister called on Turkish companies to play an active role in Libya’s oil and energy industries, particularly in areas such as exploration, refining, petrochemicals, and oil services. “We are committed to providing Turkish firms with all the necessary facilities to ensure their success in Libya,” he affirmed.
With the promise of closer economic cooperation, Libya aims to harness Türkiye’s expertise and investment potential to rebuild and diversify its economy, laying the groundwork for sustainable growth.