Libya Seeks Strategic Partnership With Turkey To Boost Economic Growth

(MENAFN- The Rio Times) (Analysis) Libya aims to strengthen its strategic partnership with Turkey, according to recent statements from Libyan officials. The Libyan Economy and Trade Minister, Mohamed Al-Hwej, emphasized Turkey's role as a key partner for Libya's economic development.

This news comes from reports by the Anadolu Agency and other sources covering the Libya energy and Economic Summit in Tripoli. Al-Hwej highlighted Turkey's importance in various sectors, including infrastructure, oil industry, services, and healthcare.

The Minister expressed Libya's intention to renew previous agreements with Turkey and finalize a free trade deal. This move aims to boost investments and update existing memoranda of understanding between the two nations.

Turkey's involvement in Libya extends beyond trade relations. The two countries signed five agreements in 2021, covering multiple sectors. These agreements laid the groundwork for expanded cooperation in areas crucial to Libya's economic recovery and growth.

Libya's pursuit of closer ties with Turkey reflects its efforts to diversify its economy beyond oil. The country sees Turkey as a strategic partner in achieving sustainable development.



Al-Hwej praised Turkey's successful economic model and expressed hope to benefit from Turkish expertise. The bilateral trade volume between Turkey and Libya has reached approximately $4-4.5 billion annually.

This figure makes Libya Turkey's second-largest export market in Africa, trailing only Egypt. Turkish construction companies have implemented projects worth about $30.8 billion in Libya since 1972.
Strengthening Turkish-Libyan Ties
Energy sector collaboration stands out as a focal point in Turkish-Libyan cooperation. Ahmad Türkoglu, Director General of the Turkish National Petroleum Corporation, confirmed plans to invest in Libya's energy sector.

This investment aligns with Libya's vast oil and gas reserves, the largest proven in Africa at 48 billion barrels. Recent developments include the resumption of flights between Istanbul and Benghazi after a decade-long hiatus.

This move is expected to strengthen commercial ties between the two countries. It also signals growing confidence in Libya 's stability and economic potential. Libya's government has expressed interest in Turkish involvement across various sectors.

These include petrochemical operations, oil services, exploration, and refining. The Libyan minister stressed the importance of removing barriers to trade and facilitating private sector partnerships.

Despite challenges, including Libya's political fragmentation, both countries are working to deepen their relationship. Ongoing efforts focus on revising existing agreements and exploring new cooperation opportunities.

Turkish companies are well-positioned to meet Libya's infrastructure and energy sector demands. The strategic partnership between Libya and Turkey offers significant economic and political benefits for both nations.

However, it also navigates complex regional dynamics and internal Libyan political divisions. The success of this partnership will likely depend on addressing these challenges effectively.

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