ISTANBUL

Türkiye and Libya signed two new memoranda of understanding (MoUs) Friday on contracting receivables and new-era projects, the Turkish Trade Ministry announced.

The deals were signed by Turkish Trade Minister Omer Bolat, and his Libyan counterpart Muhammad al-Huwayj and Libyan Transport Minister Muhammad Salem Al-Shahoubi on the sidelines of the 5th Türkiye-Africa Business and Economic Forum in Istanbul.

"The Memorandum of Understanding signed in the field of contracting is important for the follow-up of our contractors' receivables in Libya, as it is a continuation of the meeting between the delegations held in Ankara last September," the ministry said in a statement.

It added that the deal marks the beginning of a new era for Turkish contractors to contribute to Libya's development by undertaking new projects.

The ministers emphasized their mutual commitment to increasing trade with Libya, which reached $3.7 billion by 2024, and to increasing Turkish contractors' business volume in the country. Sectors such as hydrocarbons, renewable energy, mining, customs, banking, and healthcare were considered potential areas for cooperation.

The statement said that the most important outcomes of the meeting were the decisions to organize the Türkiye-Libya Investment and Business Forum and to hold the 22nd meeting of the Türkiye-Libya Joint Economic Commission (KEK) in Tripoli on Dec. 16-17.

The ministers also signed the Joint Declaration on the Establishment of the Joint Economic and Trade Commission (JETCO) and the minutes of the second meeting of the Türkiye-Libya Joint Working Group.

"Both texts constitute a roadmap for subsequent work," the readout said.