Meeting held in Istanbul as Economy Minister Fezi engages with Turkish companies and DEIK leaders

Last Thursday, Economy and Trade Minister Mohammed Al Fezi met with Turkish businessmen and company owners in Istanbul. The meeting included the Chairman of the Foreign Economic Relations Commission (DEIK) Turkey-Libya Business Council, the Chairman of the Association of Independent Businessmen (MUSIAD), and the President of the Karanfil Group, Murtaza. The discussion focused on the situation of Turkish companies operating in Libya.

Mr. Fezi mentioned that the Libyan economy will develop rapidly among the Arab economies in 2023. He emphasized that the rise of the Libyan economy depends on cooperation and integration with the private sector and achieving international participation. The minister proposed that a meeting should be held in Libya in the near future to discuss cooperation and investment opportunities, including the Confederation of Turkish Companies and Chambers of Commerce, Industry and Agriculture, the Libyan Business Council, the Libyan Industrial Union, and relevant authorities.

In other news, the Libya-Turkish Hospital in Misrata has opened, and it aims to set new health standards in Libya. A Turkish businessman urges Turkish companies to invest in Libya, while MUSIAD Karanfil suggests that Turkey needs to roll out a Libya-focused African initiative. Libyan debt to Turkish companies on a barter basis is estimated to be around $4 billion, and a commission has been set up to oversee the return of Turkish firms to Libya to complete backlogged projects.

Reports also suggest that Turkish exports to Libya have increased by 72.3% by June and could triple by year-end. Moreover, the blockade of the Suez Canal has spurred the establishment of a Turkish logistics center in Libya for African trade. Additionally, the Turkish parliament passed a bill to send troops to Libya, and Turkey has been prioritized in Libya contracts, with security provided for power projects according to Seraj.

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