Türkiye and Libya have signed two agreements addressing Turkish contractors' outstanding receivables and paving the way for new cooperation projects between the two countries, the Turkish Trade Ministry said on Friday.
The deals were signed by Trade Minister Ömer Bolat and his Libyan counterpart Muhammad al-Huwayj and Libyan Transport Minister Muhammad Salem Al-Shahoubi on the sidelines of the 5th Türkiye-Africa Business and Economic Forum in Istanbul.
"The memorandum of understanding signed in the field of contracting is a continuation of the inter-delegation talks held in Ankara last September and is important for following up on the receivables of our contractors in Libya," the statement said.
The ministry also noted that the memorandum marks the beginning of a new era, during which Turkish contractors are expected to take on new projects in Libya, contributing to the country's reconstruction and economic development.
The ministers emphasized their mutual commitment to increasing trade with Libya, which reached $3.7 billion by 2024, and to increasing Turkish contractors' business volume in the country.
Sectors such as hydrocarbons, renewable energy, mining, customs, banking, and healthcare were considered potential areas for cooperation.
The statement said that the most important outcomes of the meeting were the decisions to organize the Türkiye-Libya Investment and Business Forum and to hold the 22nd meeting of the Türkiye-Libya Joint Economic Commission in Tripoli on Dec. 16-17.
The sides signed a "Joint Declaration on the Establishment of the Joint Economic and Trade Commission (JETCO)" and the "Minutes of the Second Meeting of the Türkiye-Libya Joint Working Group," the ministry said.
Both documents are expected to serve as a road map for future collaboration, it added.
