Agreement to increase bilateral trade signed at Libya-Turkey Business Platform

By Sami Zaptia.

A bilateral trade agreement was signed yesterday at the Libya-Turkey Business Platform, Istanbul 15-16 October (Photo: HoR Tripoli).

London, 16 October 2020:

An agreement to increase bilateral trade was signed at the Libya-Turkey Business Platform event held in Istanbul 15-16 October.

The agreement was signed between Libya’s General Union of Chambers of Commerce and Industry and Turkey’s Foreign Economic Relations Board (DEIK), the organizers of the event

Over100 Turkish producers and exporters and 200 Libyan businesspeople were expected to network at the event.

The event was attended by officials, including Libya’s House of Representatives and High State Council members, as well as from the private sector and nongovernmental organizations.

Speakers from both sides stressed that there is huge potential trade to be achieved in bilateral trade in the coming years.

Speakers reported that in 2010 bilateral trade volume had reached US$ 10 billion and Turkish contractors have conducted projects in Libya worth $29 billion since 1972. In 2019, bilateral trade volume was reported at around $2.5 billion with Turkey being the second-largest source of Libya’s imports.

Despite a slowdown in global trade activities due to the Corona pandemic, Turkey’s exports to Libya are expected to increase in the first nine months of this year.

Defence, raw vegetables and fruits, cement, chemicals, furniture and cereals sectors topped the list of Turkish exports to Libya.

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