Economy

Turkey-Libya trade deal enters into force

Agreement enables Turkish contracting firms to continue their projects in Libya, Turkish trade minister says

Gokhan Ergocun   | 16.10.2020
Turkey-Libya trade deal enters into force

ISTANBUL

A memorandum of understanding (MoU) signed between Turkey and Libya last August for incomplete projects in Libya became effective, the Turkish trade minister said Friday.

The agreement, published in Turkey's Official Gazette, will enable the Turkish contracting firms to continue their projects in Libya, Ruhsar Pekcan tweeted.

With the MoU, Turkish companies will be able to start negotiations with Libyan employers and conclude their business processes, she noted.

"I wish the decision, significant for investments of our companies which would take part in the reconstruction of Libya, will be beneficial to our business world," Pekcan added.

The deal will lay the groundwork to resolve ongoing issues between Turkish firms and Libyan employers, make new investments, and undertake new projects, the minister said earlier in August.

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