Türkiye, Libya establish joint economic and trade committee, set $5B trade target

Türkiye and Libya have agreed to establish a Joint Economic and Trade Committee to deepen bilateral economic relations, with a shared goal of raising trade volume to $5 billion by 2026, Turkish Trade Minister Omer Bolat said during an official visit to Tripoli.

During his visit on Wednesday, Bolat held high-level meetings with Libyan Prime Minister Abdul Hamid Mohammed Dbeibah, Economy and Trade Minister Mohamed Hweij, and Central Bank Governor Naji Issa. Following these talks, he emphasized the commitment of both sides to strengthening commercial ties.

“We have jointly set a target to increase the annual trade volume between Türkiye and Libya from $3.7 billion to over $4 billion this year and to $5 billion next year,” Bolat said. He added that both countries agreed to organize regular consultation and coordination meetings between Türkiye’s Banking Regulation and Supervision Agency (BRSA) and the Central Bank of Libya to resolve longstanding issues related to letters of guarantee in the contracting sector.

Bolat also noted that Turkish contractors had received verbal support from Libyan authorities concerning upcoming development projects, with Türkiye providing positive references to help its firms secure more business in the country.

Türkiye–Libya Business Forum underscores economic partnership

Following the bilateral meetings, Minister Bolat and his Libyan counterpart Hweij co-chaired the Türkiye–Libya Business Forum in the capital Tripoli. The forum brought together a significant number of Turkish and Libyan businesspeople, as well as senior officials, underscoring the priority both governments place on economic cooperation.

Bolat stated that the strong turnout at the forum was a clear indication of mutual interest and the importance attached to deepening bilateral trade and investment. He highlighted that Türkiye and Libya have enjoyed close relations since 1972, beginning with the construction sector and later expanding into trade and energy.

“Libya was the gateway through which Turkish contractors entered the global market,” Bolat said. “We have always recognized and appreciated this. The expertise and experience gained here have played a key role in advancing both our bilateral relations and Libya’s development.”

Commenting on his meeting with Dbeibah, Bolat emphasized the importance of advancing economic integration between the two countries.

“His Excellency delivered a truly visionary speech,” Bolat said. “He outlined a clear roadmap and encouraged us to elevate Türkiye–Libya relations to significantly higher levels in both scale and quality, motivating us to pursue a model of economic integration.”

Minister Hweij confirmed that the sides also discussed the reactivation of several memoranda of understanding previously signed between Türkiye and Libya. These included agreements related to investment and free trade, which the parties agreed to update and harmonize with current legal frameworks. He also noted that the Central Bank of Libya expressed its readiness to support this process.

To formalize the renewed cooperation, Turkish Trade Ministry’s Director General for International Service Exports Tarik Sonmez and Libyan Deputy Minister of Economy Suhail Abu Sheha signed a new protocol to reactivate a memorandum of understanding originally agreed upon in August 2020. The signing took place in the presence of both ministers after the business forum.