Libya’s trade minister highlighted Türkiye as his country’s largest commercial partner, expressing a strong commitment to renewing previous agreements, finalizing a free trade deal, and boosting investments.
Libya is accelerating efforts to diversify its economy beyond oil and considers Türkiye as a strategic partner in achieving sustainable development, Libyan Economy and Trade Minister Mohamed Al-Hwej said on Monday.
‘This summit is about energy because we know there is no economy without energy. Whether it’s transportation, industry, agriculture, or services, energy forms the backbone of economic activity,’ Al-Hwej told Anadolu at the Libya Energy and Economic Summit in the capital city of Tripoli.
Highlighting Türkiye’s successful economic model, the minister added, ‘Türkiye’s experience is one of the best in the short term, and we hope to benefit from this expertise.’
The minister described Türkiye as Libya’s top commercial partner, noting that Ankara’s role extends beyond trade.
‘We now see Türkiye as a strategic partner in every sector, including infrastructure, the petroleum industry, services, energy, healthcare, and economic development,’ he said.
– Free trade agreement talks to resume
The minister revealed that Libya is preparing to renegotiate and renew previous agreements with Türkiye, with the goal of reaching a free trade agreement and promoting investment.
‘We recently met with Turkish trade minister. We now aim to finalize a free trade agreement, encourage investments, and update all prior agreements and memoranda of understanding,’ he stated.
Libya and Türkiye, both members of the Organization of Islamic Cooperation’s Standing Committee for Economic and Commercial Cooperation (COMCEC), are also working to finalize a double taxation avoidance agreement.
‘We have already presented a comprehensive project on this, and it is close to being signed,’ Al-Hwej said, adding that a project for free trade and exemption from double taxation was also proposed.
‘We will meet with Türkiye’s trade minister and other relevant ministries to finalize this free trade agreement between Libya and Türkiye, overcoming all challenges between the two countries,’ he said.
– ‘We consider Türkiye a long-term strategic partner’
The minister stressed the importance of removing barriers to trade and facilitating private sector partnerships.
‘Libyan businessmen and the private sector prioritize Türkiye because they see it as a key player in Libya’s next phase of economic development. We consider Türkiye a long-term strategic partner,’ he added.
The minister emphasized that Libya’s strategic location as a gateway between North and South, East and West, combined with its vast energy resources, positions energy as a cornerstone of the national economy.
‘We are prioritizing Türkiye within the framework of previous agreements and memoranda of understanding,” Al-Hwej said.
“Turkish companies are welcome to participate not only in exploration activities but also in the downstream sectors such as refining and petrochemicals. As the Ministry of Economy, we are committed to providing all possible legal facilitations for these partnerships,’ he said.
Al-Hwej said Libya prioritizes partnership with Türkiye “because of our long shared history.”
The minister expressed confidence in Libya’s economic trajectory.
‘Libya is undergoing a rapid transition toward sustainable economic growth. In this environment, we expect our growth rate to surpass that of other Mediterranean countries. We will take practical steps toward these goals,’ he concluded.
