Turkish Trade Minister's visit and Roundtable: New Libyan Turkish Bank to be established, Letters of Guarantee problem, restarting 2011 stalled contracts discussed

Libya Herald

02-05-2025

On the sidelines of the high-level visit conducted by Turkish Minister of Trade, Ömer Bolat, to Libya, accompanied by a large delegation of businessmen working in the construction sector, a Roundtable Meeting on construction cooperation was held last Wednesday (30 April) in Tripoli.
The meeting was organized by the Tripoli Ministry of Economy and Trade, under the auspices of the Tripoli Chamber of Commerce and the General Authority for Exhibitions and Conferences.
The meeting was attended by the Tripoli Minister of Economy and Trade, Mohamed Al-Hwej, Undersecretary of the Ministry of Economy, Dr. Suhail Abushiha, Chairman of the Tripoli Chamber of Commerce, Anwar Abu Sitta, Member of the Board of Directors of the Libyan Investment Authority (LIA), Mustafa Al-Manea and several Libyan businessmen.
The Turkish Minister of Trade Bolat and his accompanying delegation included many Turkish businessmen involved in construction and building activities.
Intensifying trade cooperation between the two countries
Opening the Roundtable, Economy and Trade Minister Mohamed Al-Hwej focused on intensifying cooperation between the two countries. He stated that this visit represents a prelude to a qualitative shift in Libyan Turkish economic relations, beginning with restructuring all components, continuing to enhance the commercial aspect, which has reached very high levels, and training in all fields, on which we greatly rely.
Future long-term vision in investment and transit trade
Al-Hwej also addressed future visions for cooperation in the fields of investment and transit trade, expressing his hope for constructive cooperation and an effective long-term partnership between Libyan companies and their Turkish counterparts.
New map and qualitative shift in Libyan Turkish cooperation
Meanwhile, Turkish Trade Minister Bolat emphasised that the goal of this visit is to open more horizons for Libyan Turkish economic cooperation, saying, 'We have come to draw a new map for this cooperation and to bring about a qualitative shift in it. We have witnessed full cooperation from the Libyan side, and accordingly, we will hold regular meetings through the Technical Economic Committee signed today between our two countries''.
Libyan Turkish Commercial Bank to be created
''We will cooperate in many areas, including the issue of Letters of Guarantee with Turkish banks. We have also agreed in principle to establish a Libyan Turkish Commercial Bank. We also discussed several important points with the Prime Minister, including the return of Turkish companies to complete the projects they have been assigned and have been suspended since 2011''.
Call on Turkish companies to work with Libya's private sector
The Chairman of Tripoli Chamber also reinforced the ambitions of this visit for both Libyan and Turkish sides by calling on the Turkish companies attending these events to cooperate with their Libyan private sector counterparts operating in the construction sector, which many rely on to effectively contribute to adding the necessary momentum to the massive construction phase the country is witnessing.
He also emphasized that the Tripoli Chamber of Commerce and Industry is always ready to serve companies by coordinating bilateral meetings and providing the economic and investment information necessary to achieve their goals.
Turkish companies wish to be active in Libya's construction revolution
For their part, representatives of Turkish companies expressed their happiness with the results of this visit, stressing that they will have an active and distinguished presence in the construction and reconstruction revolution currently taking place in Libya, and will leave their mark on roads, dams, airports, and housing developments throughout Libya.
Trade Minister meets Aldabaiba
It is worth noting that the Turkish Trade Minister, and his accompanying delegation, had earlier held a meet with Tripoli based Libyan Prime Minister, Abd Alhamid Aldabaiba, during which they were briefed on the results of the meetings of the Libyan Turkish Technical Committee currently being held, which addressed economic issues of common priority and interest.
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Turkish Trade Minister to lead construction and infrastructure delegation to Tripoli from 29-30 April
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Minister of Economy and Trade follows up on trade with the private sector in Turkey
Turkish Trade Minister to lead construction and infrastructure delegation to Tripoli from 29-30 April